Agriculture Minister Lyle Stewart has introduced amendments to The Saskatchewan Farm Security Act. The legislative amendments will clarify who can own farmland and will provide the Farm Land Security Board (FLSB) with more authority to enforce the Act.
鈥淭his summer, we asked the people of Saskatchewan to share their views to help us inform our decision on farmland ownership,鈥� Stewart said. 鈥淭hey did, and as a result we are making changes that will keep farmland accessible to Saskatchewan鈥檚 farmers and ranchers. I am pleased to announce that we are clarifying the rules around farmland ownership in the province.鈥�
Legislative amend-
ments to The Saskatchewan Farm Security Act will enshrine the regulations introduced in April as law.
Amendments including:
鈥aking pension plans, administrators of pension fund assets and trusts not eligible to buy farmland;
鈥efining 鈥渉aving an interest in farmland鈥� to include any type of interest or benefit (i.e. capital appreciation), either directly or indirectly, that is normally associated with ownership of the land; and
鈥hen financing a purchase of farmland, all financing must be through a financial institution registered to do business in Canada, or a Canadian resident.
In addition, the FLSB will receive new and expanded authority to enforce the legislation, including:
鈥t the discretion of the FLSB, any person purchasing farmland must complete a statutory declaration;
鈥lacing the onus to prove compliance with the legislation onto the person purchasing the land;
鈥ncreasing fines for 小蓝视频 in contravention of the legislation from $10,000 to $50,000 for individuals and from $100,000 to $500,000 for corporations; and
鈥uthorizing the FLSB to impose administrative penalties to a maximum of $10,000.
鈥淥ur government understands that to many in the province, farmland is not just an asset,鈥� Stewart said. 鈥淚t is a connection to our history and who we are as people.聽 Farmers and ranchers want the opportunity to own the land they farm.鈥�
Through the consultations, the views of more than 3,200 individuals, businesses and organizations were heard.聽 Overwhelmingly, the majority voiced support for making pensions and large investment trusts ineligible to purchase farmland, and limiting the ownership of farmland to Canadian residents and 100 per cent Canadian-owned corporations.
The complete results of the consultation are available at www.saskatchewan.ca/farmland.
Following passage of the legislation and regulations, the new rules are expected to come into effect by the new year.
