According to Howley, the name is believed to be a corruption of the French for silver cup (tasse de l'argent) because "the little harbour is cup-like, and the quartz in the rocky cliffs give it a silver-like appearance".

The community has gained notoriety from the very familiar Newfoundland ballad of The Ryans and the Pittmans (also known as We'll Rant and We'll Roar).

The song mentions many of the surrounding communities such as Isle Valen, Oderin and Little Bona amongst many others.

Toslow is also the subject of another popular Newfoundland ballad, Out from St. Leonard's where it graphically describes the plight of the residents as they were forced into resettlement.

The chorus verse of the song is as follows:And it's out from St. Leonard's and out from Toslow, They'd steam cross the bay with their houses in tow.