An all-day search failed to turn up any bodies inside the wreck of the Miss Ally, according to local reports.
The boat was carrying five fisherman when it capsized off the coast of Nova Scotia during a heavy storm last Sunday.
Katlin Nickerson, Billy Jack Hatfield, Joel Hopkins, Cole Nickerson and Tyson Townsend, all from Woods Harbour, N.S., are presumed drowned.
Three aircraft patrolled the last known position of the vessel Thursday morning and afternoon, covering an area larger than 1,700 square km without seeing any sign of the boat's hull.
Searchers did find small pieces of debris, and the military aircraft was flying over the last known position of the debris Friday, RCMP said.
On Saturday morning, the Coast Guard announced it had positively identified the overturned Miss Ally in 900-metre-deep waters, 129 nautical miles (about 240 km) southeast of Halifax.
Its location, combined with sea and weather conditions, made it difficult for crews to inspect the submerged portion of the hull, officials said.
Divers reported around 6 p.m. that they'd found no bodies, and that the vessel had been badly damaged, the wheelhouse and sleeping quarters having broken away from the hull, reports local paper the Shelburne County Coast Guard.
The HMCS Glace Bay is expected to perform an underwater assessment of the boat in the morning by means of a remotely operated vehicle (ROV).