None of the 21 passengers or three crew members on board the Buffalo Airways DC-3 were hurt in the wheels-up landing.
The board says shortly after the two-engine plane took off for Hay River a fire started in its right engine.
The crew shut the engine down and then turned for the airport, striking some trees before touching down short of a runway.
A report into the crash says Buffalo Airways did not have an effective safety management system to identify and mitigate risks.
The TSB says Buffalo Airways now enforces the practice of weighing individual passengers and baggage in order to calculate a weight and balance prior to departure.
"Passengers and their baggage were not weighed at the check-in counter," says the report released Monday.
"After the aircraft had been loaded, four last-minute passengers were boarded along with their luggage.
"The right engine number 1 cylinder failed during the take-off sequence due to a pre-existing fatigue crack, resulting in an engine fire."