Canada will not be deploying troops to Ukraine, but it is banning Russian crude oil.
Canadian Armed Forces will continue to support NATO-based operations in surrounding countries including Latvia and Poland.
Prime Minister Justin Trudeau says NATO is a defensive alliance.
"On Friday morning we had a NATO leaders' summit where we discussed our vision for the future of the way we were going to be working together," said Trudeau. "And it is clear that we are not going to be sending troops into Ukraine."
The Canadian government announced Monday that it will be sending lethal aid to Ukraine including 125 portable anti-tank weapons and 2,000 rockets.
"Putin's crime is to have chosen to invade a peaceful neighbouring country and violate the UN Charter and the principles of sovereignty and territorial integrity, and the world will not stand by idly and watch it happen," added the Prime Minister.
He stressed that Canada will also stand by the economic sanctions that it has imposed on Russia.
Canada is also prioritizing existing immigration applications from Ukraine and nearly 4,000 immigration applicants have been approved to come to Canada.
Meanwhile, in a symbolic move, Minister of Natural Resources Jonathan Wilkinson announced Canada is banning the importation of Russian crude oil.
Canada doesn't currently import Russian crude, but the ban will ensure the country continues not to for at least the near future. Wilkinson said the government is identifying other products to include in its ban.
"President Putin's actions blatantly violate international law and threaten international peace and security," he said. "We continue to do everything we can to support Ukraine and are united with allies in holding Russia to account for its unprovoked and unjustified invasion."
The government added Canadian oil production increased over the past year and has reached pre-pandemic levels.