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There are three basic types of fishing you can do in Banff National Park: Big Lake Fishing (Lake Minnewanka, River Fishing (The Bow River) and Alpine Fishing (Lakes and Streams).

Guided Fishing
Banff National Park has some fantastic fishing opportunities. Though park regulations prohibit guided fishing in the park except on Lake Minnewanka, guides can take you just outside the park. For guided trips, Banff Fishing Unlimited has ice fishing, lake fishing and river fly fishing. Monods Sports has great fly fishing gear and offers guiding fly fishing. Lake Minnewanka Boat Tours offers guided fishing on Lake Minnewanka. Taylor Lake
Park Regulations
You will need to buy a park fishing permit (visit the Parks Canada Angling Page). Home Hardware on Bear Street offers basic gear and Monods Sports has fly gear. Barbed hooks and lead are prohibited. Native Trout species (Bull and Cutthroat) must be released. Check the regulations for more details and seasonal restrictions.
Family Fishing
Johnson Lake is close to town and has Rainbows and Brookies. There is a limit of one fish on Johnson lake. It's a good lake to practice fly casting. Lake Minnewanka You need a boat to fish Minnewanka. It has, some huge Lake Trout, some exceeding 30lbs. The biggest fish tend to be taken early in the season (May 17 to Sept 1) when the water is cold. Whitefish can also be take as well as a wide variety of trout. Some of the best fishing is where the Cascade River enters the lake.
The Bow River
The Bow River is the only water open year round to fishing. It can be fantastic or cruel. Fly fishing deep is usually best. It can be very murky in June and early July for runoff. The Bow has three sections as far as an angler is concerned. The best section is downstream of Bow Falls. It has lots of nice brown trout, numerous whitefish as well as cutthroat, rainbow, brook and bull trout. This is a favourite section for fly fishing. The best place to start is at the Rundle Riverside trail head at the end of the golf course loop. When the River is low, it is best to walk downstream for about a half hour before hitting the best water. From downtown banff to where highway #1 crosses the river, just west of town, the river is slow and deep. There are some big tout but action can be slow. Upstream of Vermillion Lakes tends to be very slow for angling.
Alpine Lakes and Streamsbanff wolf footprint
It would take a lifetime to explore all of the lakes and streams in the Park. For most of the fishable water, you need to get a back pack and do some backcountry camping. The trick to success in the higher lakes is to fish on the hot, sunny summer afternoons. If the weather is cooler, it is better to fish the valley bottom. Many alpine lakes have glacier water. This water contains a lot of silt and gives lakes a beautiful turquoise colour. These lakes tend to be very poor for fishing. Look for lakes with clear water. For day trips, there are several alpine Lakes in the Castle Mountain area. Smith Lake is a popular destination as it is only a 2km hike in from intersection of highway 93 and highway 1 at Castle Junction. Some other good lakes in the area are Taylor Lake (5km hike), Arnica Lake (7km), Rockbound Lake (9km). It is always a nice hike to an alpine Lake, so do some exploring on your own. Maybe the lake you find won't be productive but you are sure to find fantastic views and enjoy a day in the real Banff National Park.
Outside the National Parks
Maybe you don't like some of the restrictions in the Park or don't want to fork out the extra money for a park licence if you have a provincial one. In Alberta, Kananaskis country has lots of opportunities. (Southeast of Canmore). In British Colombia, there are plenty of smaller lakes west of Highway 95 between Radium and Golden. Heading west from Brisco and Parsons will take you to several stocked lakes in a maze of logging roads.