Experience told 31-year-old Defoe it was time to leave Tottenham for a fresh challenge and, more importantly, regular first team football.
He told the Daily Mail: "I had an amazing time at Tottenham,' he says. 'Not long before I left I beat the European goalscoring record.
"It was great but going into the final year of my contract there weren't really any discussions about extending it.
"Toronto had come in and shown a huge interest, and I guess the money they were offering for a player of my age was difficult for Tottenham to turn down.
"It was good business for the club. I suppose it made sense to let me go."
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