Heat coach Erik Spoelstra said there is no specific injury to either player -- the team is continuing to get its stars rest in advance of the playoffs, which open April 28.
It is the fifth game the Heat have held Wade out of in the past two weeks and the third time in the past five games.
Heat forward/center Ronny Turiaf (hamstring) also will sit out versus Toronto. It will be the fourth consecutive game he's missed with the injury.
Both Wade and Bosh and LeBron James, who remains in the lineup even as the Heat prepare to play their fifth game in seven days, are expected to play Thursday when the Heat host the Chicago Bulls (46-15) -- currently the top seed in the Eastern Conference.
James has yet to get any time off but is hoping he will before the playoffs start.
"I've got nicks and bruises like everyone else does," James said. "If I'm in uniform I'm ready to play. Not saying that I wouldn't like more rest, (but) this is a season where everyone wants more rest. ... I would love to get one, maybe two games' rest and get ready for the postseason. That would be ideal."