The five, who were wearing life-jackets, were pulled from the water by other boaters in the area.
Five people were rescued off Saturna Island on Monday after a boat struck a reef and capsized.
The Joint Rescue Co-ordination Centre said the incident unfolded about 5 p.m. near Winter Cove on the northwest side of the southern Gulf Island.
The boat hit a reef and flipped over, sending all five occupants into the sea.
Other boaters who were in the area responded and pulled five people from the water just before search and rescue crews made it to the scene.
The Victoria-based Joint Rescue Co-ordination Centre said all five were wearing life-jackets. There were no injuries and all five declined medical assistance, said a spokesperson for the centre.
The spokesperson said Canadian Coast Guard hovercraft Siyay, as well as coast vessels Ganges 1 and Cape Naden, responded, as well as personnel from Royal Canadian Marine Search and Rescue Station 20.
The rescue came one day after an incident near Richmond where a commercial charter craft with 10 people aboard sank near Roberts Bank.
Four were rescued on Sunday, but six others are presumed drowned. None of the boaters was wearing a life-jacket.