Corrado struck with 63 seconds remaining and teammate Ryan Nugent-Hopkins of the Edmonton Oilers added an empty-net goal.
There was no scoring until the last five minutes of the game.
Phillip Danault of the Victoriaville Tigres scored first for Red at 14:20, but Medicine Hat Tigers forward Hunter Shinkaruk tied the game 26 seconds later.
The effect of the NHL lockout was evident at the intrasquad game.
The 3,000-seat arena at WinSport's Markin MacPhail Centre was full and people lined the upper rails two and three deep, even though the Western Hockey League's Calgary Hitmen were hosting the Kamloops Blazers at the Scotiabank Saddledome the same night.
Thirty-six players, most of them born in 1993 and 1994, are vying for 23 spots at the Canadian team's selection camp this week.
While the lockout has made some of coach Steve Spott's decisions about forwards and defencemen simpler because he has the country's best talent available to him, goaltending is an open race with no incumbent from a previous Canadian junior team.
Jake Paterson of the Saginaw Spirit started in net for White and stopped all 10 shots he faced, while Red counterpart Jordan Binnington of the Owen Sound Attack also had a shutout on just five shots.
Belleville Bulls goalie Malcom Subban allowed two goals on 16 shots in relief of Paterson. Laurent Brossoit of the Edmonton Oil Kings stopped 17 of 18 in his half a game.
Halifax Mooseheads forward Nathan McKinnon is one of two players at camp born in 1995. He played fearlessly and drew a reaction from the seats with his speed and quick moves around the net.
Spott said prior to the intrasquad game some players may be released Wednesday after a game against university players.
The Canadian team will be announced Thursday following a second game versus the university squad.
The 2013 world junior championship opens Dec. 26 in Ufa, Russia.
Washington Capitals defenceman Karl Alzner, a former captain of the Canadian junior team, and another junior team alumnus Mike Cammalleri of the Calgary Flames were among the honorary coaches behind the player benches.
NHL management attending the game included John Davidson, president of hockey operations for the Columbus Blue Jackets, and Edmonton Oilers general manager Steve Tambellini.