First-time director Gia Milani, collected the $10,000 Discovery Award for the movie, All The Wrong Reasons, on Monday.
The drama, which is an exploration of post-traumatic stress disorder, beat 27 other films to claim the prize.
Cory Monteith, 31, who played Finn Hudson in Glee, died in July from a heroin and alcohol overdose.
In All The Wrong Reasons, Cory Monteith plays a shop manager whose wife (Karine Vanasse) is suffering from post traumatic stress disorder.
The film, which had its world premiere on Sunday, also stars Emily Hampshire and Kevin Zegers (Gossip Girl).
Gia Milani told Variety that the story was inspired by a close friend who is a member of the Canadian armed forces and suffered from mental problems after returning from a tough tour overseas.
The drama, filmed during the summer of 2012 in Nova Scotia, Canada, took five years to make.
Another film featuring Cory Monteith premiered in Toronto on Monday.
Called McCanick, the movie is a US crime drama, in which Cory Monteith plays a recently released convict.
Toronto Film Festival will conclude on Sunday with the film Life of Crime, based on a novel by Elmore Leonard and starring Jennifer Aniston.
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