Finance Minister Jim Flaherty introduced a new 15 per cent Search and Rescue Volunteers Tax Credit on an amount of $3,000 for individuals who perform at least 200 hours of service each year.
"Quiet heroes across Canada put themselves at risk in service of their communities by volunteering for ground, air and marine search and rescue groups, in support of the Canadian Coast Guard, police and other agencies," reads the Economic Action Plan 2014.
"They are an integral part of the emergency response system, and provide a source of well-organized, well-trained and well-equipped volunteers in the event of a natural disaster or large-scale emergency."
The document credited Jones for saving thousands of lives since he started volunteering for North Shore Search and Rescue in 1987.
"Countless individuals in British Columbia and across the country are grateful for the courageous service provided by Tim Jones and other search and rescue volunteers," it reads.
Search and rescue volunteers who receive an honorarium for their service may also be eligible for the new tax credit on an amount of $1,000.
Jones' honoured at Sochi Olympics
Jones passed away unexpectedly on Jan. 19 after suffering a cardiac arrest on a Mount Seymour trail in North Vancouver, B.C.
The 57-year-old volunteered up to 40 hours a week with North Shore Search and Rescue, and personally participated in more than 1,800 search and rescue operations during his two-and-a-half decades of service.
He also worked tirelessly to ensure North Shore Rescue, whose members currently receive no compensation, had stable and reliable funding.
Jones' death touched many in B.C. Thousands of people attended his memorial, which included a public parade and ceremony, and tributes poured in from across the country.
On Tuesday, those tributes came from nearly 10,000 kilometres across the Atlantic in Sochi, Russia.
A cameraman assigned to Canada's Olympic men's hockey team decorated his helmet with the Canadian flag and the number 54 — Jones' radio call-sign. A photograph of the helmet was tweeted out by North Shore Rescue.
The men were North Shore Rescue teammates for 20 years.