The Province is looking at new rules when it comes to farmland ownership.

Agriculture Minister Lyle Stewart introduced amendments to the Saskatchewan Farm Security Act which now clearly states that pension plans, administrators of pension fund assets and trusts will not be eligible to buy farmland in the province.

This became a concern Canada Pension Plan Investment Board started buying farmland in 2013.

Under the new legislation all financing when buying farmland must be done through a financial institution that is registered to do business in Canada or by a Canadian resident.

The majority of respondents in a public consultation on farmland ownership supported making pensions and large investment trusts ineligible to purchase land and limiting the ownership of farmland to Canadian residents and 100 percent Canadian owned corporations.

The government expects the new rules to come into effect in the new year once the legislation and regulations are passed.