Only one of four people aboard the boat survived, CBC news portal reported Sunday citing the Joint Rescue Coordination Centre (JRCC) representative Nicole Murillo.
The search began on Saturday after the fishing company that owns the 33-metre long dragger called rescue crews to report one of its boats failing to check in.
The bodies of two crew members were discovered floating in the water and another crew member was found alive on Sunday. The fourth person from the boat was originally listed as missing and a search was launched. However, later on Sunday, a search helicopter spotted a body floating in the water, which turned out to be the missing crew member.
Canadian police is currently investigating the reasons of the shipwreck, according to the media outlet.