Annual report by the Minister of Fisheries respecting the administration of the Atlantic Fisheries Restructuring Act for fiscal year 2024-25

Table of contents

1. Introduction
2. Acquisition, pledge and disposal of shares in 2024-25
3. Transfer payments
4. Loans
5. Guarantees
6. Appropriations
7. Financial statements

1. Introduction

The Atlantic Fisheries Restructuring Act was passed on November 30, 1983, to facilitate the development of viable Atlantic fisheries that are competitive and privately-owned through the restructuring of fishery enterprises. Subject to certain conditions set out within the legislation, Section 4 authorizes the Minister of Fisheries to acquire, to hold or dispose of or to otherwise deal with the shares, debentures or securities of any Atlantic fishery enterprise. Section 4 also authorizes the Minister to pledge, hypothecate or charge any shares, debenture or other security acquired or held. Section 5 authorizes the Minister to make a contribution or loan to a fishery enterprise. Finally, subject to certain conditions set out within the legislation, Section 6 authorizes the Minister, with the approval of the Governor in Council, to guarantee the repayment of any portion of the principal and interest owing on any loan made to a fishery enterprise.

2. Acquisition, pledge and disposal of shares in 2024-25

No shares were acquired, pledged or disposed of in fiscal year 2024-25.

3. Transfer payments

Grants: No grants were made in in fiscal year 2024-25.

Contributions: Fisheries and Oceans Canada (DFO) disbursed contributions totaling $9,255,099 to 31 recipients through the Atlantic Integrated Commercial Fisheries Initiative (AICFI), as authorized under Section 5 of the Atlantic Fisheries Restructuring Act in fiscal year 2024-25.

DFO provides financial assistance through AICFI to the interested 35 Mi'kmaq, Maliseet and Peskotomuhkati First Nations in the Gaspe region of Quebec, New Brunswick, Prince Edward Island and Nova Scotia affected by the Supreme Court of Canada Marshall Decision to maximize the potential of their commercial communal fishing enterprises. The objective of this capacity building program is to develop self-sustaining commercial fishing enterprises, whereby eligible Indigenous groups are fully capable of taking complete ownership of fisheries operations and becoming successful, self-sustaining harvesters.

DFO disbursed contributions totaling $4,407,320 to 14 recipients through the Northern Integrated Commercial Fisheries Initiative (NICFI), as authorized under Section 5 of the Atlantic Fisheries Restructuring Act in fiscal year 2024-25.

DFO provides financial assistance through NICFI to Indigenous groups/communities not eligible for AICFI or Pacific Integrated Commercial Fisheries Initiative in all areas where DFO manages the fishery, specifically, Indigenous-owned commercial fishing enterprises run by northern Indigenous territorial and treaty groups along with Commercial Fishing Enterprises from Indigenous groups in the northern Gulf of St. Lawrence, Newfoundland and Labrador. The objective of the program is to build capacity for communities specifically to: build knowledge and skills required to manage fisheries enterprises; increase access to training to fish safely and to effectively operate their vessels; build the capacity needed to meet future commercial fisheries operations, administration and training requirements independently; and, to enhance economic returns from fisheries and aquaculture for the local and broader benefit of communities.

DFO disbursed contributions totaling $30,219 to 2 recipients through the Indigenous Marine Servicing Initiative, as authorized under Section 5 of the Atlantic Fisheries Restructuring Act in fiscal year 2024-25.

DFO provides financial assistance through the Indigenous Marine Servicing Initiative to increase Indigenous participation in the marine industry supply chain, which supports Indigenous communities and commercial fishing enterprises that want to expand and diversify into Indigenous marine-related service industries. Through the funding of marine service-related projects, the initiative aims to create more opportunity and benefits in terms of employment, revenue and community impact.

Combined, DFO disbursed a total of $13,692,638 through the aforementioned three programs, as authorized under Section 5 of the Atlantic Fisheries Restructuring Act during the 2024-25 fiscal year.

4. Loans

No loans were made to a fishery enterprise in fiscal year 2024-25.

5. Guarantees

No guarantees of loans were given in fiscal year 2024-25.

6. Appropriations

No appropriations were made in fiscal year 2024-25.

7. Financial statements

Audited statements are made public on an annual basis.