A seminal report by Peter H. Pearse (1988; Rising to the Challenge: A New Policy for Canada’s Freshwater Fisheries, Canadian Wildlife Federation, Ottawa) outlined 62 policy recommendations focused on the management of Canada’s inland fisheries. Over three decades later, freshwater ecosystems and inland fisheries in Canada are still facing similar challenges with many emerging ones that could not have been foreseen. Here, we reflect on the contemporary relevance of the Pearse Report and propose recommendations that policy makers should consider. Broadly, our recommendations are: (1) manage fishes, fisheries, and habitat using a holistic co-management framework, with clearly defined fishery jurisdictions and partnerships with Indigenous governments; (2) engage in transparent, inclusive, and agile research to support decision-making; (3) facilitate knowledge co-production, involving interdisciplinary projects with diverse groups of actors and sectors including Indigenous Peoples, anglers, policy makers, scientists/researchers, governments, and the public; (4) embrace technological advances to support freshwater fisheries stock assessment and management; and (5) align policy and management activities in Canada with global initiatives related to increasing the sustainability of inland fisheries. We advocate for an updated comprehensive report such as the Pearse Report to ensure that we embrace robust, inclusive, and sustainable management strategies and policies for Canada’s inland fisheries for the next 30 years. It is time to again rise to the challenge.