FORM 11-K

ANNUAL REPORT PURSUANT 
  TO SECTION 15(d) OF THESECURITIES EXCHANGE ACT OF 1934

|/x/ |  | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. FOR THE FISCAL YEAR ENDED December 31, 2004.
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OR

|/  / |  | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Commission file number 001-10351

|A. | Full title of the plan and the address of the plan, if different from that of the issuer named below:
|-- | -----------------------------------------------------------------------------------------------------

PCS U.S. Employees' Savings Plan

|B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
|-- | -------------------------------------------------------------------------------------------------------------

| | Potash Corporation of Saskatchewan Inc.
        122 - 1st Avenue South 
 Saskatoon, Saskatchewan, Canada S7K 7G3
| | ----------------------------------------------------------------------------------------------------------------





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| | PCS U.S.Employees' Savings
      Plan
      Financial Statements as
      ofDecember 31, 2004
      and 2003 and for theYear Ended December 31, 2004,Supplemental Schedule as of December 31, 2004and Report of
      Independent Registered Public Accounting
  Firm
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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PCS U.S. EMPLOYEES' SAVINGS
PLAN

TABLE OF CONTENTS



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|REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1
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FINANCIAL STATEMENTS:

Statements of Net Assets Available for Benefits as of

|December 31, 2004 and 2003 | 2
|-------------------------- | -

Statement of Changes in Net Assets Available for Benefits for
the

|                              | Year Ended December 31, 2004 | 3 | 
|----------------------------- | ---------------------------- | - | 
|Notes to Financial Statements | 4 - 8                       
|                              |                              |   | 

SUPPLEMENTAL SCHEDULE:

Form 5500, Schedule H, Part IV, Line 4i-

|      | Schedule of Assets (Held at End of Year) as of December 31,
      2004                                                                                                                                                                                             | 9
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -
|Note: | All other schedules required by Section 2520.103-10 of the
      Department of Labor's Rules and Regulations for Reporting and Disclosure
      under the Employee Retirement Income Security Act of 1974 have been
      omitted because they are not applicable. |  
|      |                                                                                                                                                                                                                                                                    |  



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|REPORT OF INDEPENDENT REGISTERED PUBLIC
      ACCOUNTING FIRM
|-------------------------------------------------------------

To
the Plan Administrator and Participants of the

PCS U.S. Employees' Savings Plan:

We have audited the accompanying statements of net assets available for
benefits of the PCSU.S.
Employees' Savings Plan(the
"Plan") as of December 31, 2004 and 2003, and the related statements of changes
in net assets available for benefits for the year ended December 31, 2004. 
These financial statements are the responsibility of the Plan's
management.  Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with standards of the Public
Company Accounting Oversight Board (United States).  Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.  The
Plan is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting.  Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Plan's
internal control over financial reporting.  Accordingly, we express no such
opinion.  An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.  We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
2004 and 2003, and the changes in net assets available for benefits for the
year ended December 31, 2004 in conformity with accounting principles generally accepted in
the United States of America.

Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole.  The supplemental schedule of
assets (held at end of year) as of December 31, 2004 is presented for the
purpose of additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974.  The schedule is the responsibility
of the Plan's management.  Such schedule has been subjected to the auditing
procedures applied in our audit of the basic 2004 financial statements and, in
our opinion, is fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.



Chicago, Illinois

April 29, 2005



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PCS U.S. EMPLOYEES' SAVINGS
PLAN

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2004
AND 2003

AND FOR THE YEAR ENDED DECEMBER 31,
2004

|1. | DESCRIPTION OF PLAN
|-- | -------------------

The following description of the PCS U.S. Employees' Savings Plan
(the "Plan") is provided for general information purposes only.
Participants should refer to the Plan Document for more complete
information.

General-The Plan
is a defined contribution plan sponsored by PCS Administration (USA), Inc.
(the "Company") covering all employees of the Company, PCS Phosphate
Company, Inc., PCS Sales (USA), Inc, certain employees of White Springs
Agricultural Chemicals, Inc. and certain employees of PCS Nitrogen. The Employee
Benefits Committee of the Company controls and manages the operation and
administration of the Plan. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").

Contributions-Participants may contribute up to 50 percent of base compensation each
year, as defined in the Plan Document, subject to certain Internal Revenue Code
limitations. The Company Match, which was suspended as of August 1, 2003,
was reinstated as of August 1, 2004. The Company will match $.50 for each
$1.00 of participant contributions, excluding catch-up contributions, up to six
percent of base compensation, subject to certain limitations as described in the
Plan agreement and the Internal Revenue Code of 1986, as amended. Participants
may also contribute amounts representing distributions from other qualified
defined benefit or contribution plans (rollover contributions), which are not
eligible for the Company Match.

The Plan was amended in 2004 to add a discretionary Company Performance
Contribution. The Company made a 2004 Company Performance Contribution of 3% of
each eligible participant's base pay.

Participant Accounts-Individual accounts are maintained for each Plan participant. Each
participant's account is credited with the participant's contribution, the
Company's Matching Contribution, the Company's Performance Contribution when
applicable, and allocations of plan earnings, and is charged with withdrawals,
an allocation of plan losses and administrative expenses. Allocations are based
on participant earnings or account balances, as defined in the Plan. The benefit
to which a participant is entitled is the benefit that can be provided from the
participant's account.

Investments-Participants direct the investment of their account balances and
contributions into various investment options offered by the Plan. The Plan
currently offers Potash Corporation of Saskatchewan Inc. ("PCS") Common Stock,
twelve mutual funds and one pooled investment stable value fund. The U.S.
Government Reserves Fund is used to maintain dividends distributed with the ESOP
option and is not available as a participant-directed investment
option.

Vesting-Participants are immediately vested in their account balances.



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Participant Loans-Participants may borrow from their fund accounts up to a maximum amount
equal to the lesser of $50,000 or 50 percent of the participant contribution
portion of their account balance. Loan terms range from one to five years or up
to 20 years for the purchase of a primary residence. The loans are secured by
the balance in the participant's account and bear interest at two percentage
points above the rate for five-year U.S. Treasury Notes on the last day of the
preceding calendar quarter in which the funds are borrowed. Loans for the
purchase of a primary residence bear interest at the standard lending rate for
20-year fixed rate home mortgage loans. Principal and interest are paid ratably
through monthly payroll deductions.

Paymentsof
Benefits-On termination
of service, a participant may elect to receive either a lump-sum amount equal to
the value of the participant's interest in his or her account; or monthly,
quarterly or annual installments over the participant's estimated life span.
Other forms of benefits are also provided to participants whose accounts were
transferred from other plans. A participant may elect to receive payment of
benefits prior to termination of service, as defined in the Plan. Participants
may elect to receive their investment in the PCS Stock Fund in cash or in whole
shares of PCS Common Stock. The Plan includes an ESOP feature with a dividend
payout program whereby participants may elect to receive dividends paid on their
shares of PCS Common Stock in the PCS Stock Fund.

Plan Amendments -Effective
August 1, 2004 the Plan was amended as follows, to:

|• | institute a discretionary Company Performance Contribution for each
      year that certain performance goals set by the Board of Directors of the
      Company are met, limited to three per cent of each employee's
      compensation;               
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | institute an automatic enrollment feature whereby employees who do
      not opt out are automatically enrolled in the plan at a pre-tax
      contribution level of two per cent of compensation, to be invested in a
      default investment election;
|• | reinstate a Company Match as of August 1, 2004, which was suspended
      as of August 1, 2003;                                                                                                                                                          
|• | change the Company Matching limit to 50 per cent of six per cent
      from 100 percent of five per cent of a participant's compensation;
      and                                                                                                      
|• | disallow in-service distributions from a participant's Company
      Match and Company Performance Contribution
  accounts.                                                                                                                              

Effective January 1, 2004, the Plan was amended such that Company
Matching contributions will not be made for catch-up contributions.

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING
  POLICIES
|-- | --------------------------------------------

Basis of Accounting-The accompanying financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of
America.

Use of Estimates-The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires Plan
management to make estimates and assumptions that affect the reported amounts of
net assets available for benefits and changes therein. Actual results could
differ from those estimates. The Plan utilizes various investment instruments,
including mutual funds, a pooled investment stable value fund, and common stock.
Investment securities, in general, are exposed to various risks, such as
interest rate, credit, and overall market volatility. Due to the level of risk
associated with certain investment securities, it is reasonably possible



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that changes in the values of investment securities will occur in the
near term and that such changes could materially affect the amounts reported in
the financial statements.

Investment Valuation and Income Recognition-The Plan's investments are stated at fair value.
The PCS Common Stock is valued at its quoted market price. Shares of mutual
funds are valued at quoted market prices, which represent the net asset value of
shares held by the Plan at year-end. The Fidelity Managed Income
Portfolio II is valued at the amount of participant and Company
contributions plus accrued interest thereon (contract value). Participant loans
are valued at the outstanding loan balances.

The Fidelity Managed Income Portfolio II is a stable value fund that
is a commingled pool of the Fidelity Group Trust for Employee Benefit Plans. The
portfolio may invest in fixed interest insurance investment contracts, money
market funds, corporate and government bonds, mortgage-backed securities, bond
funds, and other fixed income securities. Participants may ordinarily direct the
withdrawal or transfer of all or a portion of their investment at contract
value. The crediting interest rates were 3.76 percent and 4.12 percent at
December 31, 2004 and 2003, respectively, which were based on the interest
rates of the underlying portfolio of assets. The average yield for the year
ended December 31, 2004 was 3.81 percent.

Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.

Management fees and operating expenses charged to the Plan for investment
in the mutual funds and pooled fund are deducted from income earned on a daily
basis and are not separately reflected. Consequently, management fees and
operating expenses are reflected as a reduction of net appreciation
(depreciation) in fair market value of investments for such
investments.

Administrative Expenses-Administrative expenses of the Plan are paid by the Plan or the Plan
Sponsor, as provided in the Plan Document.

Payment of Benefits-Benefit payments to participants are recorded upon distribution. There
were no amounts allocated to accounts of participants who had elected to
withdraw from the Plan but had not yet been paid at December 31, 2004 and
2003.

Transfers-Along
with the Plan, the Company also sponsors savings plans for certain union
employees. If employees change their union status during the year, their account
balances may be transferred into the corresponding plan.



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|3. | INVESTMENTS
|-- | -----------

The Plan's investments are shown below. Investments that represent five
percent or more of the Plan's net assets available for benefits as of
December 31, 2004 and 2003 are marked with an asterisk:



During 2004, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) appreciated
(depreciated) in value as follows:





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|4. | RELATED PARTY TRANSACTIONS
|-- | --------------------------

Certain Plan investments are shares of investment funds managed by
Fidelity Management Trust Company ("Fidelity"). Fidelity is the trustee as
defined by the Plan and, therefore, these transactions qualify as
party-in-interest transactions. Fees paid by the Plan for the investment
management services were included as a reduction of the return earned on each
fund.

At December 31, 2004 and 2003, the Plan held 247,620.819 shares and
  98,281.235 shares, respectively, of common stock of Potash Corporation of
  Saskatchewan Inc., ("Potash Corporation"), the parent company of the Plan sponsor, with a cost basis of
$11,235,149 and $7,172,440, respectively. On July 21, 2004, the Board of Directors of   Potash Corporation approved a split of
 Potash Corporation's outstanding shares on a two-for-one basis. The stock split was
effected in the form of a stock dividend of one additional common share for each
share owned by shareholders of record at the close of business on August 11,
2004. During the year ended December 31, 2004, the Plan recorded dividend income
of $100,997.

|5. | PLAN TERMINATION
|-- | ----------------

Although it has not expressed any intention to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions set forth in ERISA.

|6. | FEDERAL INCOME TAX STATUS
|-- | -------------------------

The Internal Revenue Service has determined and informed the Company by a
letter, dated November 13, 2001, that the Plan was designed in accordance
with applicable Internal Revenue Code requirements. The Plan has been amended
since receiving the determination letter. However, the Company and Plan
administrator believe that the Plan is currently designed and being operated in
compliance with the applicable requirements of the Internal Revenue Code and
continues to betax-exempt.
Therefore, no provision for income taxes has been included in the Plan's
financial statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.



|Date: | June 27, 2005 |  | PCS U.S. Employees Savings Plan                                                                                                 
|----- | ------------- |  | --------------------------------------------------------------------------------------------------------------------------------
|      |               |  | (Name of Plan)                                                                                                                  
|      |               |  | /s/  Barbara Jane Irwin                                                                                                         
|      |               |  | Barbara Jane Irwin
      Senior Vice President, Administration
      PCS Administration (USA), Inc. 
      as Plan Administrator

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EXHIBIT INDEX

|Exhibit Number | Description of Exhibit          
|-------------- | --------------------------------
|23.1           | Consent of Deloitte & Touche LLP