Commercial fishing is a vital piece of the Atlantic Canadian economy and is highly regulated to ensure that the fisheries remain a sustainable Canadian resource. Federal regulations include restrictions on transferring licences, foreign ownership and corporate changes of control.
The potential in Atlantic Canada for economically sustainable aquaculture has been well documented, but getting the industry to flourish remains a challenge and yet an opportunity for the governments in this region.
Have you received advice from an accountant or a lawyer on the best way to structure your fishing business? If so, did that advice take the most recent Income Tax Act amendments into consideration? Finding the structure that is optimal for your circumstances can make a world of difference to you and your family.
Framework The federal and provincial governments have established a complex regulatory scheme to govern the fishing industry in Atlantic Canada and elsewhere. The principal statute governing the industry is the Fisheries Act. Under the Act, the federal government has created more than two dozen sets of regulations. The Minister of the Department of Fisheries and […]