Truscott is describing the $6.5 million in compensation for his wrongful murder conviction as the "final" step in recognizing his innocence, nearly five decades after being sentenced to hang for the rape and murder of schoolmate Lynne Harper.
Last August, Ontario's top court declared Truscott a victim of a miscarriage of justice and acquitted him but stopped short of declaring him innocent due to a lack of physical evidence.
In a statement Monday, the Truscotts called the announcement "bittersweet."
"This is the final and long-awaited step in recognizing Steve's innocence," the Truscotts said.
"We are also painfully aware that no amount of money could ever truly compensate Steven for the terror of being sentenced to hang at the age of 14, the loss of his youth, or the stigma of living for almost 50 years as a convicted murderer."
The Truscotts added that they now hope to live the rest of their lives in "peace and tranquility."
Ontario Attorney General Chris Bentley, who made the announcement, said Truscott's wife Marlene will receive $100,000.
In 1959, Truscott was convicted of 12-year-old Harper's rape and murder. He became the youngest person in Canada ever sentenced to death.
Truscott steadfastly professed his innocence and served a decade in prison before being released on parole in 1969, after which he married and lived quietly in Guelph, Ont., with his wife and children.
Truscott's legal saga was an "unprecedented" and "extraordinary" journey, Bentley said.
"We are doing what we can to conclude this journey," he said.
"It is my hope that Mr. Truscott and his family will now be able to spend all of their time on the rest of life's journey."
The financial award, to be split equally between Ontario and Ottawa, comes nearly a year after the province's top court declared Truscott a victim of a miscarriage of justice.
The same day the Ontario Court of Appeal cleared Truscott, the provincial government asked former Appeal Court Justice Sydney Robins to review the issue of compensation. Bentley has been sitting on the report's recommendations for weeks.
In his 57-page report, Robins recommended that Truscott receive $6.5 million - $250,000 for every year he spent in jail and $100,000 for each year he spent on parole.
"It will provide him with financial security for the remainder of his life. It will enable him to provide a substantial legacy to his children," Robins wrote.
"It is proportional to awards of compensation made in other relevant cases and it will serve as a public acknowledgment of the magnitude of the harm caused by this miscarriage of justice."
The former judge also recommended that the Ontario and federal governments split the cost of the nearly $1 million in Legal Aid fees incurred by Truscott.
Now 63, Truscott was the youngest person in Canada to be sentenced to death at age 14 after being convicted in 1959 of raping and strangling Harper near Clinton, Ont.
His death sentence was later commuted to life in prison and Truscott served nearly a decade in prison before being released on parole in 1969.
All the physical evidence from the case was destroyed in 1967. Harper's body was exhumed in 2006, but a forensic examination failed to yield any DNA evidence.
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