Uncertainty currently exists about the removal of carbon (C) and phosphorus (P) from the oceanic reservoir, especially in low oxygen settings. In this paper, the cycling of C and P is examined in sediments from the anoxic Saanich Inlet, cored by Ocean Drilling Program (ODP) Leg 169S in 1996 at two sites. Although C org /P org ratios are high and increase with depth in the Saanich Inlet, this effect is due largely to a remobilization of P from an organic matter sink to an authigenic sink. Reducible sedimentary components act as temporary shuttles in this process even in this anoxic setting, with the ultimate burial sink for the remobilized P being carbonate Β―uorapatite. The effective C org /P reactive molar ratio appears to be about 150Β±200, indicating some preferential loss of P compared to C during organic matter degradation, but not approaching previously reported values of over 3000 in black shales. Reactive P accumulation rates in this basin range from 10,000Β±60,000 mmol/cm 2 /kyr, greatly exceeding the range of 500Β±8000 mmol/cm 2 /kyr found in most continental-margin settings, including regions of modern phosphogenesis. The initiation of marine sedimentation in the Saanich Inlet occurred after deglaciation, and the high rates of P burial seen here may provide an end-member example of the effects of sea level and margin sedimentation on the distribution of P within the marine P cycle.