Jay is scheduled to bestow the designation upon the Mean Girls actress, while Jian will hand over the Green Lantern star's statue.
Other presenters include rockabilly musician Ronnie Hawkins, Olympic cyclist and speed skater Clara Hughes and Saving Hope actress Wendy Crewson.
According to event organizers, more than 50,000 entries were received from 150 countries this year.
In addition to the Walk of Fame recipients, The Weeknd will be presented with the Allan Slaight Award, which recognizes young Canadians who have seen immense international success. Past recipients of the award include Drake, Melanie Fiona, Carly Rae Jepsen and Nikki Yanofsky.
Last year's Walk of Fame inductees included Terry Fox, Victor Garber and Alan Thicke.
The Walk of Fame gala will be held at the Sony Centre for the Performing Arts in Toronto on Oct. 18, 2014.