The deal is worth $675,000.
"Jayson is a strong skater who adds depth to our forward group," said general manager Jim Benning. "We value his character and professionalism and are pleased to re-sign him for another year."
Megna, 27, has eight points (four goals, four assists) in his first season with the Canucks.
His 53 games played are a career-high while his four assists tie a career-high set during the 2013-14 season. Megna also appeared in four games with the AHL Utica Comets this season, registering a goal and two assists.
In 107 career NHL games over parts of four seasons split between Vancouver, New York and Pittsburgh, Megna has 20 points (10 goals) along with 28 penalty minutes.
Vancouver signed Megna as a free agent on July 1, 2016.