James Butters, who was also known as James Hayward, died Wednesday morning near the intersection of Highway 19 and Granville Street in Port Hardy.
Police have previously said officers responded to reports of a man threatening security at a wildfire fighting staging area located at a high school, and the suspect was brandishing a knife.
They said police tracked the suspect down, and officers shot him after a confrontation.
The Independent Investigations Office says in a news release that a knife and other pieces of physical evidence were seized at the scene.
The police watchdog says it believes people witnessed the shooting and that investigators would like to speak with them.