"We had a three-hour meeting this morning," said organizer Chris Alexander on Monday.
Alexander said festival personnel will undertake an extensive review of the three-week carnival, as is standard every year.
But he said added safety measures on the parade route — such as barriers or side guards on the floats — will be looked at seriously.
The discussion comes amid a police investigation into the death of an 18-year-old man at the parade.
Toronto police said Rueshad Grant was standing beside a parade float on Saturday night when he was run over by the vehicle.
Officials examined a video posted online that appears to show the immediate aftermath of the incident, with spectators yelling for the float to stop as it slowly starts moving after a brief pause.
Grant was rushed to hospital, where he was pronounced dead.
Parade organizers issued a statement expressing their "heartfelt sympathies" to those who knew the young man.
"We are deeply saddened by this loss," spokeswoman Denise Herrera-Jackson said in a statement.
"The Toronto police are conducting a full and thorough investigation and we will assist them in any way we can."
Alexander echoed the sentiments, adding that he wants to reach out to Grant's family.
"We grieve with the family," he said.
He added that the tragic accident isn't representative of the festival which is about "fun and family" and a celebration of Caribbean culture.
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