Elliott had not seen any action with the Lions in 2013 after joining the club following three seasons with the Winnipeg Blue Bombers.
Elliott passed for 2,101 yards to go along with five touchdowns and 12 interceptions with Winnipeg last season.
He was third on B.C.'s depth chart behind starter Travis Lulay and Thomas DeMarco.
With Elliott's release, rookie quarterback Chris Hart moves up to No. 3.