Sanders was one of just six CFL players with 1,000 combined return yards last season despite missing six games.
He was third in the league with 506 punt-return yards and second with 201 return yards from missed field goals.
The 26-year-old St. Petersburg, Fla., native also had 298 kickoff-return yards in 2014.
On offence, he had 37 carries for 161 yards and 14 catches for 135 yards and one touchdown.
The West Virginia alum was sidelined by injury during the post-season and did not play in the Western Final or the Grey Cup.
"Jock was an important player for us on special teams as well as on offence when he was on the field in 2014," said head coach and general manager John Hufnagel. "I'm pleased that he has chosen to extend his contract with the club and I look forward to a healthy and productive season from him in 2015."
In 34 career regular-season games, he has 1,585 kickoff-return yards, 1,279 punt-return yards, 422 rushing yards and 53 receptions for 508 yards and three touchdowns with B.C., Saskatchewan and Calgary.