The Jazz also received the rights to New York's second-round draft pick in 2017 as part of the deal, which was struck last Friday but formally announced by Utah on Thursday per league rules.
The 6-foot-10 Novak has a .432 3-point percentage over his eight-year career, second only to Golden State's Stephen Curry (.440) among active players.
Novak, the 32nd overall pick in the 2006 draft out of Marquette, has averaged 5 points and 1.4 rebounds in 13 minutes over 414 career games, playing with Houston, the Clippers, Dallas, San Antonio, New York and Chicago.
Last season he averaged 3.3 points, 1.1 rebounds and 10 minutes per game over 54 games with the Raptors.
Garrett, a call-up from the NBA D-League last November, averaged 14.8 minutes, with 3.5 points, 1.4 rebounds and 1.7 assists in 71 Jazz games. The 6-foot-4 guard is a two-year veteran out of Iowa State.