Booth, 29, had one season and $4.75 million remaining on a six-year, $25.5 million contract he signed prior to the 2009-10 season while playing for the Florida Panthers.
"We wish David all the success in the future and thank him for his contributions with the Canucks," general manager Jim Benning said in a statement Tuesday after Booth was placed on waivers.
Booth was acquired from Florida early in the 2011-12 season. A 31-goal scorer in 2008-09, he was limited to 28 games the following season because of a concussion. Booth had 16 goals and 29 points in 56 games in his first season with the Canucks but was limited to 10 goals and 22 points in 78 games the past two seasons.
The window for teams to offer a compliance buyout to players opened Monday. Per terms of the Collective Bargaining Agreement, teams were given two special buyout provisions to be used after either the 2012-13 or 2013-14 seasons that allow them to buy out a player's contract while not having it count toward the salary cap.
Teams have until 5 p.m. ET on June 30 to decide to use a compliance buyout.
The Canucks used a compliance buyout on defenseman Keith Ballard following the 2012-13 season.