Organizers announced Myre as this year's winner at a gala event Wednesday night at the Winnipeg Art Gallery.
"Myre has built a distinctive visual vocabulary by translating her experience and that of others into works that employ traditional crafts within a contemporary, multidisciplinary practice," a statement from the Sobey Art Award jury reads in part.
"Her artwork creates a symbolic image of wounding and resilience that conveys something deeply human while addressing urgent social concerns."
She was presented with the top prize by Ontario-based Cree artist Duane Linklater, who won last year's Sobey Art Award.
Four runners-up receive $10,000 each:- Evan Lee, West Coast/Yukon region nominee.
- Neil Farber and Michael Dumontier, Prairies/North nominees.
- Chris Curreri, Ontario nominee.
- Graeme Patterson, Atlantic nominee.
Born in 1974, Myre is an Algonquin member of the Kitigan Zibi Anishinabeg First Nation, according to her artist biography.
In an interview with CBC News in Montreal earlier this year, Myre said, "I would describe myself as a visual activist. A lot of the work that I'm making has a political base, and as a conceptual artist, I'm trying to say something."
She had been nominated for the Sobey Award in 2011, 2012 and 2013. As well, she was shortlisted for the Powerhouse Art Prize in 2013.
Administered by the Art Gallery of Nova Scotia and the Halifax-based Sobey Art Foundation, the Sobey Art Award highlights the work of emerging Canadian contemporary artists aged 40 or under.
Since the award was established in 2002, past winners have included Raphaelle de Groot, David Altmejd, Tim Lee and Annie Pootoogook.
The nominees for this year's Sobey Art Award, released in April, included five artists chosen from five regions of Canada.- PHOTOS | Sobey Art Award's 2014 nominees announced
A curatorial panel whittled down the list of 25 nominees to a short list of five finalists before choosing the winner.
The remaining 20 nominees receive $500 each.
Works from this year's short list are on display at the Winnipeg Art Gallery until Jan. 18.