RCMP say the tragic incident occurred Thursday morning while the woman was on a path that runs adjacent to Pacific Rim Highway.
Police say witnesses have suggested the trailer hauling the boat was fishtailing moments before hitting the woman, who was on a stroll about four and a half metres from the road.
Cpl. Jen Allan says Mounties, along with fire and ambulance personnel, tried to help the woman, but she died from her injuries.
Allan says the driver and passenger in the SUV were not hurt and are co-operating with police.
The coroners service and the RCMP are continuing their investigations.