Regulatory amendments have been passed in Saskatchewan which look to keep Sask. farmland owned by Canadians.
Amendments made to The Saskatchewan Farm Security Regulations, which support the Saskatchewan Farm Security Act, remove the exemption for the Canadian Pension Plan Investment Board (CCPIB) to own Saskatchewan farmland.
“Our government is working to ensure that Saskatchewan farmland remains in the hands of Canadian owners and supports the needs of Saskatchewan producers,” said Daryl Harrison, agriculture minister. “These amendments ensure the Canada Pension Plan Investment Board will no longer be able to own farmland and clarify the situations where monetary penalties can be applied to farmland owners in contravention of the Act.”
In 2015, the Saskatchewan Government amended the act to prevent pension plans from owning farmland. CPPIB was given an exemption allowing it to continue to hold the land it owned which was approximately 167,000 acres. Since then, the board has divested those holdings and now owns no farmland in the province.
The new regulatory amendment removes the exemption for CPPIB and prevents them from acquiring any additional farmland in the future.
On Oct. 6, the Ministry of Agriculture announced the formation of a Farm Land Ownership Advisory Committee to consult with industry stakeholders and provide recommendations on strengthening the province’s farmland ownership framework.
The committee’s report is expected year-end.
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