REGINA — The Canada Pension Plan Investment Board can no longer own Saskatchewan farmland.
The province announced regulatory amendments to remove the exemption the CPPIB had, saying this would ensure land is owned by Canadians.
The amendments also clarify the Farm Land Security Board’s powers to enforce regulatory compliance. The board can issue fines for contravening the Farm Security Act.
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Agriculture minister Daryl Harrison said the government is “working to ensure that Saskatchewan farmland remains in the hands of Canadian owners and supports the needs of Saskatchewan producers.”
The act was last amended in 2015 to prevent pension plans from owning farm land, but CPPIB was exempted because it owned about 167,000 acres at that time. It has since sold that land and currently owns none, according to the province.
Those 10-year-old amendments also gave the board tools to enforce compliance, including the ability to impose penalties of up to $10,000 for each contravention. The newer regulations further clarify when those penalties can be levied.
They include when a non-Canadian resident or corporation acquires more than 10 acres, a Canadian-owned corporation changes hands and becomes non-Canadian and doesn’t sell holdings over the 10-acre threshold, a person acquires land on behalf of a non-Canadian and a person who has an exemption fails to comply with the conditions of that order.
The regulatory changes come as the agriculture ministry announced that an advisory committee would consult with industry and recommend ways to strengthen the ownership laws. That report is expected by the end of the year.
