Annual report by the Minister of Fisheries, Oceans and the Canadian Coast Guard respecting the administration of the Atlantic Fisheries Restructuring Act for fiscal year 2021-2022

Table of contents

• Introduction
• Acquisition, pledge and disposal of shares during 2020-2021
• Contributions
• Loans
• Guarantees
• Appropriations
• Financial statements

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 and Oceans 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.

Acquisition, pledge and disposal of shares in 2020-2021

No shares were acquired, pledged or disposed of in fiscal year 2021-2022.

Contributions

Grants: No grants were made in in fiscal year 2021-2022.

Contributions: Fisheries and Oceans Canada (DFO) disbursed contributions totaling $20,882,063 to implement agreements with Indigenous communities under the Reconciliation Agreements Program, as authorized under section 5 of the Atlantic Fisheries Restructuring Act in fiscal year 2021-2022.

The Reconciliation Agreements Program supports renewed, nation-to-nation relationships with Indigenous peoples, based on recognition of rights, respect, co-operation, and partnership. The Program supports reconciliation with Indigenous peoples through building and sustaining Indigenous-led fisheries capacity, which includes a significant portion of funding reserved specifically for the purchase of access, vessels, and gear, with the goal of increasing Indigenous participation in commercial fisheries and increasing economic growth of Indigenous communities.

DFO disbursed contributions totaling $10,199,582 to 35 recipients through the Atlantic Integrated Commercial Fisheries Initiative, as authorized under section 5 of the Atlantic Fisheries Restructuring Act in fiscal year 2021–2022.

DFO provides financial assistance through the Atlantic Integrated Commercial Fisheries Initiative (AICFI) to the interested 35 Mi’kmaq, Maliseet and Peskotomuhkati First Nation 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 $4,804,132 to 14 recipients through the Northern Integrated Commercial Fisheries Initiative, as authorized under Section 5 of the Atlantic Fisheries Restructuring Act in fiscal year 2021–2022.

DFO provides financial assistance through the Northern Integrated Commercial Fisheries Initiative to Indigenous groups/communities not eligible for AICFI or Pacific Integrated Commercial Fisheries Initiative (PICFI) 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 (CFEs) 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 $685,744 to 5 recipients through the Indigenous Marine Servicing Initiative, as authorized under Section 5 of the Atlantic Fisheries Restructuring Act in fiscal year 2021–2022.

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 $36,571,521 through the aforementioned four programs, as authorized under section 5 of the Atlantic Fisheries Restructuring Act during the 2021-2022 fiscal year.

Loans

No loans were made to a fishery enterprise in fiscal year 2021-2022.

Guarantees

No guarantees of loans were given in fiscal year 2021-2022.

Appropriations

No appropriations were made in fiscal year 2021-2022.

Financial statements

Audited statements are made public on an annual basis.