The Halifax Port Authority has issued a warning to the owner of the sunken boat in the North West Arm: raise the boat or pay the price.
A federal government ad in the local newspaper is demanding the owner, former TV producer Josh Hannigan, do something about the lone mast sticking out of the water.
The Halifax Port Authority considers it a hazard to navigation.
After years of being abandoned at a mooring, the vintage sailboat finally sank near the Armdale Rotary in Halifax earlier this year
"We've been unable to reach the owner of this sunken sailboat since early August" said Michele Peveril, spokeswoman for the port.
"After Friday we'll be able to move forward and look for a local salvage company to help us lift the vessel…if the deadline of Friday comes and goes and we don't hear back from the owner then we would have to proceed to deal with the vessel."
If so, Hannigan will get any bill for the port corporation's salvage effort which could be thousands of dollars.
The sailing boat was built about 50 years ago and over the years it fell into disrepair.
The port authority said it will sell the boat once it has brought it to the surface.