FORM 18-K

For Foreign Governments and Political Subdivisions Thereof

SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.

ANNUAL REPORT

of

PROVINCE OF SASKATCHEWAN

                                                       CANADA
                                                (Name of Registrant)
Date of end of last fiscal year: March 31, 2004
SECURITIES REGISTERED*
(As of close of fiscal year)

---

|Title of issue | Amounts as to
which registrationis effective | Names ofexchanges on
which registered
|-------------- | -------------------------------------------- | -------------------------------------
|N/A            | N/A                                          | N/A                                  

*The Registrant is filing this annual
report on a voluntary basis.

Names and addresses of persons authorized to receive notices
and communications from the Securities and Exchange Commission:

|                                                                                                                                      |                                                                                                           |                                                                                         
|------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------
|                                                                                                                                      | PAMELA WALLIN
Canadian Consul General
Canadian Consulate
1251 Avenue of the Americas
New York, N.Y. 10020 |                                                                                         
|                                                                                                                                      | or                                                                                                        |                                                                                         
|                                                                                                                                      | DAVID MURCHISONCanadian Consulate1251 Avenue of the AmericasNew York, N.Y. 10020                          |                                                                                         
|                                                                                                                                      | Copies to:                                                                                                |                                                                                         
|RON STYLESDeputy Minister of FinanceDepartment of FinanceProvince of Saskatchewan2350 Albert StreetRegina, SaskatchewanCanada S4P 4A6 |                                                                                                           | JOHN W. WHITECravath, Swaine - MooreWorldwide Plaza825 Eighth AvenueNew York, N.Y. 10019

2

The information set forth below is to
be furnished:

|1. | In
respect of each issue of securities of the registrant registered, a brief statement as to:
|-- | ---------------------------------------------------------------------------------------------

| | (a) | The
general effect of any material modifications, not previously reported, of
the rights of the holders of such securities. None.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------

| | (b) | The
title and the material provisions of any law, decree or administrative
action, not previously reported, by reason of which the security is not
being serviced in accordance with the terms thereof. None.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | The
circumstances of any other failure, not previously reported, to pay
principal, interest, or any sinking fund or amortization instalment.None.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------

|2. | A
statement as of the close of the last fiscal year of the registrant giving the total
outstanding of:
|-- | ------------------------------------------------------------------------------------------------------

| | (a) | Internal
funded debt of the registrant. (Total to be stated in the currency of the
registrant. If any internal funded debt is payable in a foreign currency, it
should not be included under this paragraph (a), but under paragraph (b)
of this item.) Reference is made to page 52 of Exhibit d hereto.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | External
funded debt of the registrant. (Totals to be stated in the respective
currencies in which payable. No statement need be furnished as to
inter-governmental debt.) Reference is made to page 52 of
Exhibit d hereto. The only external funded debt of the
registrant are Public Issue Debentures.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | A
statement giving the title, date of issue, date of maturity, interest rate and
amount outstanding, together with the currency or currencies
in which payable, of each issue of funded debt of the registrant outstanding as
of the close of the last fiscal year of the registrant.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Reference is
made to pages 49-51 of Exhibit d hereto.
| |  | -----------------------------------------------------

|4. | (a) | As
to each issue of securities of the registrant which is registered, there
               should be furnished a break-down of the total amount outstanding, as shown
in                Item 3, into the following:
|-- | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (1) | Total
amount held by or for the account of the registrant.Not
applicable, because no securities of the registrant are registered.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------

| | (2) | Total
estimated amount held by nationals of the registrant (or if registrant is           other
than a national government by the nationals of its national government);           this
estimate need be furnished only if it is practicable to do so. Not applicable,
because no securities of the registrant are registered.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (3) | Total
amount otherwise outstanding.Not applicable, because no securities of the registrant
are registered.
| | --- | ----------------------------------------------------------------------------------------------------------

| | (b) | If
a substantial amount is set forth in answer to paragraph (a)(1) above,
describe briefly the method employed by the registrant to reacquire such
securities. Not applicable.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3

|5. | A
statement as of the close of the last fiscal year of the registrant giving the
          estimated total of:
|-- | --------------------------------------------------------------------------------------------------------------

| | (a) | Internal
floating indebtedness of the registrant. (Total to be stated in the currency of
the registrant.)Reference is made to page 26 of Exhibit d hereto.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | External
floating indebtedness of the registrant. (Total to be stated in the
               respective currencies in which payable.)Reference is made to page 26
of Exhibit d hereto.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Statements
of the receipts, classified by source, and of the expenditures,           classified by
purpose, of the registrant for each fiscal year of the registrant           ended since
the close of the latest fiscal year for which such information was           previously
reported. These statements should be so itemized as to be reasonably
          informative and should cover both ordinary and extraordinary receipts and
          expenditures; there should be indicated separately, if practicable, the amount
          of receipts pledged or otherwise specifically allocated to any issue
registered,           indicating the issue.Reference is
made to pages 35 and 36 of Exhibit d hereto.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | (a) | If
any foreign exchange control, not previously reported, has been
               established by the registrant (or if the registrant is other than a
national                government, by its national government), briefly describe such
foreign exchange                control. None.
|-- | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | If
any foreign exchange control previously reported has been discontinued or
               materially modified, briefly describe the effect of any such action, not
               previously reported.Not applicable.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

* This annual report comprises:

| | (1) | Pages
numbered 1 to 4 consecutively.
| | --- | ------------------------------------

| | (2) | The
following exhibits:
| | --- | -----------------------

| | (a) | none;
| | --- | -----

| | (b) | none;
| | --- | -----

| | (c) | none;
| | --- | -----

| | (d) | Province
of Saskatchewan Current Description;
| | --- | ---------------------------------------------

| | (e) | Volume 1 of the Public Accounts for the
registrant for the year ended March 31, 2004;
| | --- | -------------------------------------------------------------------------------------

| | (f) | consent of the Provincial
Auditor;
| | --- | ----------------------------------

| | (g) | 2004-2005 Saskatchewan Mid-Year Report.
| | --- | ---------------------------------------

This annual report is filed subject
to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions
Thereof.

4

SIGNATURE

Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this annual report to be
signed on its behalf by the undersigned, thereunto duly authorized, at Regina,
Saskatchewan, on the 6th day of December, 2004.

| | PROVINCE OF SASKATCHEWAN                                                                                                                                                                                                                                
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | By     /s/ Rae Haverstock
         Name:   Rae Haverstock
         Title:     Executive Director
                       Capital Markets Branch
                       Treasury and Debt Management Division
                       Department of Finance