Police said Friday the youth was charged with dangerous operation of a vehicle causing death and criminal negligence causing death.
The 2009 Acura was carrying five teenagers on March 29. The driver lost control while eastbound on Lake Shore Boulevard East, approaching the Don Roadway and crashed into the river.
Four of the passengers managed to escape, but one teen was trapped.
A.J. Blugerman, 16, was pulled from the water and taken to the trauma unit of Sunnybrook Hospital in critical condition. Police said he was trapped, submerged, for almost 30 minutes. He died in hospital about five hours later.
The victim's mother, Carole Blugerman, told CBC News' Ivy Cuervo the charges have not brought her any closure.
"In many ways, it’s making it worse to think he (the driver) was being careless," she said.
A.J. would have turned 17 in May and instead of celebrating with her son, Blugerman is watching as his best friend faces criminal charges in his death.
"He was always a nice kid and he was pleasant, I guess he was immature and certainly not prepared to take responsibility of driving."
The driver cannot be named because of his age. He is scheduled to appear in court on July 25.