The Inuvialuit Regional Corporation (IRC) says it will use record pre-tax earnings from 2017 to lower airfares for beneficiaries.

An IRC news release issued on Wednesday states the corporation earned $83 million before tax last year, resulting in a profit of $69 million.

The release attributes much of that revenue to airline Canadian North and heavy equipment parts manufacturer Weldco-Beales, both of which are owned by IRC subsidiary the Inuvialuit Development Corporation (IDC).

Advertisement. Story continues below

“IDC plans to use these profits to further reduce beneficiary fares on key Inuvialuit routes throughout the
Canadian North network,” said IDC chair Patrick Gruben in a statement.

Around 4,500 Inuvialuit beneficiaries have access to reduced airfares. Those beneficiaries will also receive a payout from IRC of $536.60 each.

IRC was created in the Inuvialuit Final Agreement, a land claim agreement signed in 1984 and the first comprehensive land claim to be settled in northern Canada.