Only Canadian residents and 100 percent Canadian-owned entities are allowed to own more than 10 acres of Saskatchewan farmland. The Saskatchewan Farm Security Act, last updated in 2002, provides the definition of “Canadian-owned entity.” The list includes corporations, partnerships, syndicates, joint ventures, co-operatives, or associations, provided that all memberships, shares or interests are held by Canadian residents or Canadian-owned entities that aren’t publicly traded.
The Act’s definition of a Canadian-owned entity does not include pension plans or investment trusts, which is why those entities have been ineligible to own more than 10 acres of farmland in Saskatchewan. The exception has been the Canada Pension Plan, because the assets of that plan are held and managed by the Canada Pension Plan Investment Board (CPPIB) and CPPIB is deemed to be a qualified Canadian-owned entity under the Act.
In recent years, there has been much greater interest in Saskatchewan farmland, including interest from pension funds. As a result, the Government wants to examine whether the current definition of Canadian-owned entity is the appropriate one.