The deal, which was originally reported by Sportsnet's Elliotte Friedman, has since been confirmed by the team.
“We’re really excited to be getting a player and person of Nate’s quality. We needed to address our defence and Nate checks a lot of boxes," Jim Benning, general manager of the Canucks, told reporters Monday.
"He’s been a really good player in this league and he’s going to help our young guys and our team get better moving forward.”
Schmidt appeared in 59 games for the Golden Knights last season, scoring seven goals and adding 24 assists -- good for second-best among Vegas defencemen. The 29-year-old scored an additional nine points, two goals and seven assists during 20 post-season appearances.
"Nate has been one of the top defencemen in our division in recent years," Benning said in a press release. "He's a dynamic player who competes hard all over the ice. I think he will be a really good fit in our group."
Throughout his seven-year career, which has seen him play for the Golden Knights and Washington Capitals, Schmidt has registered 29 goals and 111 assists in 396 games.
The St. Cloud, Minn., native has five seasons left on a six-year contract that carries a $5.95 million average annual value.