Canada's fisheries funds were created to help the fish and seafood sector achieve greater success by supporting market entry and growth, economic development, and supporting livelihoods in coastal communities. While each of the regional funds had different priorities due to the unique dynamics of their respective fish and seafood industries, all have supported the common objectives of:
- innovation to encourage new products and technologies
- infrastructure to encourage capital investments in new products, processes or technologies
- science partnerships between industry, academia, and other research institutions to improve our knowledge
- Atlantic Fisheries Fund (AFF): AFF began in 2017, with over $400 million budgeted over seven years to projects in Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador. The funds were subsequently extended for two years. AFF focuses on supporting innovation in the fish and seafood sector throughout Atlantic Canada by investing in projects that help the sector better meet growing demands for sustainably and legally-sourced, high-quality fish and seafood products.
- Quebec Fisheries Fund (QFF): QFF began in 2019 with $42.8 million budgeted over five years. It aims to stimulate innovation in Quebec's fish and seafood sector and support its development and adaptation.
- British Columbia Salmon Restoration and Innovation Fund (BCSRIF): BCSRIF began in 2019 with $128.55 million budgeted for investment over five years. The Fund aims to support protection and restoration activities for priority wild fish stocks, including wild Pacific salmon, and to ensure the fish and seafood sector in BC is positioned for long-term environmental and economic sustainability.
To identify and promote projects of mutual interest, Fisheries and Oceans Canada has worked with provincial governments to engage:
- Indigenous communities and organizations
- non-governmental organizations
- commercial enterprises and industry associations, including harvesters
- scientific and academic communities
Canada's fisheries funds have been cost-shared partnerships between Fisheries and Oceans Canada and provincial governments. 70 per cent of the funding was provided by the federal government, and the remaining 30 per cent was provided by the participating provinces and territories. These jointly contributed funds are scheduled to sunset on March 31, 2026.
Revitalizing the fisheries funds
The Government of Canada is committed to growing a strong fish and seafood sector through access to the fisheries funds. Discussions with provinces on the revitalization of these funds have been initiated.
Partnership agreements must be established for the renewed program and funding commitments. The revitalization of the funds will:
- encourage new investment in our domestic industries through sectoral innovation
- enhance coordination of our trade diversification efforts
- support provincial fish and seafood industries to do more business abroad
Renewed fisheries funds have the potential to be a unique and complementary tool that can help our fish and seafood harvesters, businesses and aquaculturists respond to these shifting trade dynamics. Updating the funds to meet today's realities and future opportunities requires timely access to funding to adjust to market disruptions, innovate, and pursue new commercial opportunities.
