The U-20 tournament comes a year before Canada hosts the 2015 Women's World Cup, and Toronto plays host to the Pan American Games.
"The FIFA U-20 women's World Cup Canada 2014 is another great opportunity for our country and the four hosts cities to welcome the world and the world's game," said Victor Montagliani, chair of the national organizing committee.
"This competition serves as a terrific showcase for the future stars of women's football, with the best often proving that they are ready for the big competition just one year later."
Canada hosted the inaugural women's youth World Cup — then known as the U-19 women's world championship — in 2002.
A Canadian team that included Christine Sinclair captured silver in that tournament, losing to the U.S. in the final.
The Canadian Soccer Association announced the four cities ahead of Canada's friendly Sunday against the U.S. at Toronto's BMO Field.
The CSA also announced that Canada's senior women will play their next home game Oct. 30 in Edmonton, versus South Korea.