Old school Canon XL1 footage shot in Widescreen 16:9

I have shot some video using the above mentioned camera. It's old school I know but a client requested it be shot this way. I would like to know the best settings in FCP to import the footage. Right now when I import the footage it is giving me 2 black lines similar to a letterbox on the left and right of the screen. When I output the video they are even more apparent. Any tips on how to import to get it in the correct format as well as how to export to maintain the correct aspect ratio and get rid of the black lines on both sides of the screen?

Thanks!