The RCMP say the woman was from Gabriola, her next of kin have been notified, and they've asked that her name be withheld.
Divers recovered the body from about 30 metres of water.
The car crashed through a barrier at the terminal early Wednesday morning, jumped a loading ramp onto an empty ferry and raced across the deck of the ferry before plunging into the water.
No one was else was hurt and the ferry suffered only minor damage.
Police say the investigation has now been turned over to the Coroner’s office.
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