Saskatchewan’s amended Farm Security Act will come into force Jan. 4 after the government proclaimed the legislation passed during the recent fall sitting of the Legislature.
The changes make it clear that pension plans, administrators of pension fund assets and larger trusts are ineligible to buy farmland in the province.
They also define “having an interest in farmland” as any type of benefit normally associated with land ownership and require financing for land purchases to be done through a financial institution registered to do business in Canada or a Canadian citizen.
The Farm Land Security Board’s authority has been expanded and enhanced. It will be able to ask for statutory declarations from purchasers, require purchasers to prove compliance with the legislation and impose administrative penalties up to $10,000. Fines for those in contravention of the law have gone up to a maximum of $50,000 for individuals and $500,000 for corporations.
Non-Canadian citizens may own up to 10 acres of farmland. Exemptions will still be available for economic development such as oil and gas activity.
karen.briere@producer.com
