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Corporate
or Other Entity Application for
Exemption |
Background Information Regarding Part VI of
The
Saskatchewan Farm Security Act
The Act regulates the ownership privileges of
non-qualifying corporations.
The regulations on corporations are as follows:
Canadian-owned Entities - no
restrictions
- must be 100% owned by
residents of Canada or Canadian citizens and not listed on
a stock exchange
Agricultural Corporation - no restrictions
- must be engaged in the business of farming
- majority of all voting shares owned by
resident producers
- minority shareholders must
receive an exemption from the Farm Land Security Board if
holdings exceed 10 acres
Non-Agricultural Corporation - restricted to 10 acres
- majority of voting shares owned by non-residents or
non-agricultural corporations
The following definitions are found
in Part VI of
The
Saskatchewan Farm Security Act and
will help you determine whether an application is required:
- A resident person is an individual who resides in
Canada for at least 183 days in a year.
- A Canadian resident is an individual who resides
anywhere in Canada except Saskatchewan for at least 183 days in a year or is a
Canadian citizen.
- A land holding includes most legal interests in
agricultural land but excludes mortgages.
- An aggregate land holding includes all land holdings
of a person and of the person's spouse and children.
- Farm land means land outside of an urban municipality
that is used or can be used for farming.
- Farming is any activity undertaken to produce primary
agricultural produce and animals.
Should the status of an agricultural corporation change to
that of a non-agricultural corporation compliance with the acreage limitations noted above
is necessary.
Should you require additional information, call:
Farm Land Security Board / Farm Ownership
(306) 787- 5153
email
bstokes@farmland.gov.sk.ca.
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