The Rockies will receive $9.7 million in cash from the Blue Jays, while Toronto also gets minor league infielder Adrian Pinto in the deal.
Grichuk, who was dealt two days after hitting a grand slam in a spring training game, hit .241 with 22 home runs and 81 RBIs for Toronto last season, playing primarily in center and right field.
The cash going to Colorado will offset a little more than half of the $18.7 million that Grichuk is owed over the final two seasons of his $52 million, five-year contract.
Toronto will pay Colorado $9,716,333 -- $5,383,333 this year and $4,333,333 in 2023 -- covering a little more than half the $18.66 million owed to Grichuk, who has salaries of $9.33 million in each of the next two seasons.
Having spent four seasons each with the Blue Jays and St. Louis Cardinals, Grichuk, 30, has 156 career home runs -- including a career-high 31 in 2019.
Tapia agreed this week to a $3.95 million, one-year contract and is eligible for free agency after the 2023 season.
The Rockies' free agent signing of infielder/outfielder Kris Bryant had a big impact on Tapia, who was penciled in as the team's left fielder before Bryant's arrival. Tapia became the odd-outfielder-out with Sam Hilliard in center and Charlie Blackmon in right.
Known for his speed, Tapia, who hits from the left side, tied for the team lead with a career-high 20 stolen bases last season. The 28-year-old from the Dominican Republic also hit .273 with 6 homers and 50 RBI.
In 2020, Tapia got a boost in playing time with Ian Desmond electing to opt out of the season due to the COVID-19 pandemic. Tapia finished with a career-best .321 average that season.
Pinto earned MVP honors in the Dominican Summer League after hitting .360 for DSL Colorado. He also stole a league-leading 41 bases. The 19-year-old signed with the Rockies as an international free agent in July 2019.
The Associated Press contributed to this report.