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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>November 7, 2005<BR>
(Date of earliest event reported)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Potash Corporation of Saskatchewan Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Canada</B><BR>
(State or other jurisdiction of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-1035</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B><BR>
(IRS Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">122 &#151; 1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> Avenue South<BR>
Saskatoon, Saskatchewan, Canada S7K 7G3<BR>
(Address of principal executive offices, including zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">306 / 933-8500<BR>
(Registrant&#146;s telephone number, including area code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B><BR>
(Former name or former address, if changed since last report)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2.):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

</DIV>

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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<!-- link2 "Item&nbsp;4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or
Completed Interim Review</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The consolidated financial statements of Potash Corporation of Saskatchewan Inc. are
prepared under accounting principles generally accepted in Canada (&#147;Canadian GAAP&#148;) and include a
note that reconciles the effect on the consolidated financial statements of certain principal
differences between Canadian GAAP and accounting principles generally accepted in the United States
(&#147;US GAAP&#148;). One of these differences is the income tax consequences of stock-based employee
compensation. Under Canadian GAAP, the income tax benefit attributable to stock-based compensation
that is deductible in computing taxable income but is not recorded in the consolidated financial
statements as an expense of any period (the &#147;excess benefit&#148;) is considered to be a permanent
difference. Accordingly, such amount is treated as an item that reconciles the statutory income tax
rate to the company&#146;s effective income tax rate. Under US GAAP, the excess benefit is recognized as
additional paid-in capital. In connection with the preparation of the company&#146;s Quarterly Report
on Form 10-Q for the quarterly period ended September&nbsp;30, 2005, management determined that this US
GAAP treatment had not been applied to stock options granted by the company prior to 2003 in the
preparation of the company&#146;s reconciliations of Canadian GAAP to US GAAP included as notes to its
consolidated financial statements as at December&nbsp;31, 2003 and 2004, and for each of the years in the three-year period ended December&nbsp;31, 2004 and for the
three months ended March&nbsp;31, 2005 and June&nbsp;30, 2005.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 7, 2005, management and the Audit Committee of the company&#146;s Board of Directors,
after consultation with the company&#146;s independent registered chartered accountants, concluded that,
as a result of such misapplication of US GAAP, it was necessary to restate the reconciliations of
Canadian GAAP to US GAAP in Note 36 to the company&#146;s consolidated financial statements as at December&nbsp;31, 2003 and 2004, and for each of the years in the three-year period ended December&nbsp;31, 2004, included in the company&#146;s 2004 Annual Report attached as
Exhibit&nbsp;13 to its Annual Report on Form 10-K for the year ended December&nbsp;31, 2004, and the reconciliations
for the first and second quarters of 2005.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restated
information for the year ended December&nbsp;31, 2004 and the first and second quarters of 2004 and 2005 is included in note 17 to
the company&#146;s condensed consolidated financial statements for the three months ended September&nbsp;30,
2004 and 2005 included as Item&nbsp;1 of Part&nbsp;1 of the company&#146;s Quarterly Report on Form 10-Q for the
quarterly period ended September&nbsp;30, 2005, filed with the Securities and Exchange Commission on
November&nbsp;8, 2005. The company also intends to file as soon as practicable an amendment to its
Annual Report on Form 10-K for the year ended December&nbsp;31, 2004
to reflect the restatement of the US&nbsp;GAAP reconciliation in Note&nbsp;36 to the company&#146;s consolidated financial statements as at
December&nbsp;31, 2003 and 2004, and for each of the years in the
three-year period ended December&nbsp;31, 2004 included therein, and
amendments to its Quarterly Reports on Form&nbsp;10-Q for the first
two quarters of 2005 to reflect the restatement of the US&nbsp;GAAP
reconciliations contained therein.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>SIGNATURE</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
</DIV>

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<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>POTASH CORPORATION OF SASKATCHEWAN INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Joseph Podwika
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Joseph Podwika&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Vice President, General Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: November 8, 2005
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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{"company-data": {"conformed-name": "POTASH CORP OF SASKATCHEWAN INC", "cik": "0000855931", "assigned-sic": "2870", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10351", "film-number": "051185896"}, "business-address": {"street1": "122 1ST AVE S, STE 500", "street2": "SASKATOON", "city": "SASKATCHEWAN CANADA", "state": "A9", "zip": "S7K 7G3", "phone": "3069338500"}}
e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
November 7, 2005
(Date of earliest event reported)
Potash Corporation of Saskatchewan Inc.
(Exact name of registrant as specified in its charter)
Canada
(State or other jurisdiction of incorporation)
1-1035
(Commission File Number)
Not Applicable
(IRS Employer Identification No.)
122 — 1
st
Avenue South
Saskatoon, Saskatchewan, Canada S7K 7G3
(Address of principal executive offices, including zip code)
306 / 933-8500
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2.):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or
Completed Interim Review
(a) The consolidated financial statements of Potash Corporation of Saskatchewan Inc. are
prepared under accounting principles generally accepted in Canada ("Canadian GAAP") and include a
note that reconciles the effect on the consolidated financial statements of certain principal
differences between Canadian GAAP and accounting principles generally accepted in the United States
("US GAAP"). One of these differences is the income tax consequences of stock-based employee
compensation. Under Canadian GAAP, the income tax benefit attributable to stock-based compensation
that is deductible in computing taxable income but is not recorded in the consolidated financial
statements as an expense of any period (the "excess benefit") is considered to be a permanent
difference. Accordingly, such amount is treated as an item that reconciles the statutory income tax
rate to the company's effective income tax rate. Under US GAAP, the excess benefit is recognized as
additional paid-in capital. In connection with the preparation of the company's Quarterly Report
on Form 10-Q for the quarterly period ended September 30, 2005, management determined that this US
GAAP treatment had not been applied to stock options granted by the company prior to 2003 in the
preparation of the company's reconciliations of Canadian GAAP to US GAAP included as notes to its
consolidated financial statements as at December 31, 2003 and 2004, and for each of the years in the three-year period ended December 31, 2004 and for the
three months ended March 31, 2005 and June 30, 2005.
On November 7, 2005, management and the Audit Committee of the company's Board of Directors,
after consultation with the company's independent registered chartered accountants, concluded that,
as a result of such misapplication of US GAAP, it was necessary to restate the reconciliations of
Canadian GAAP to US GAAP in Note 36 to the company's consolidated financial statements as at December 31, 2003 and 2004, and for each of the years in the three-year period ended December 31, 2004, included in the company's 2004 Annual Report attached as
Exhibit 13 to its Annual Report on Form 10-K for the year ended December 31, 2004, and the reconciliations
for the first and second quarters of 2005.
Restated
information for the year ended December 31, 2004 and the first and second quarters of 2004 and 2005 is included in note 17 to
the company's condensed consolidated financial statements for the three months ended September 30,
2004 and 2005 included as Item 1 of Part 1 of the company's Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2005, filed with the Securities and Exchange Commission on
November 8, 2005. The company also intends to file as soon as practicable an amendment to its
Annual Report on Form 10-K for the year ended December 31, 2004
to reflect the restatement of the US GAAP reconciliation in Note 36 to the company's consolidated financial statements as at
December 31, 2003 and 2004, and for each of the years in the
three-year period ended December 31, 2004 included therein, and
amendments to its Quarterly Reports on Form 10-Q for the first
two quarters of 2005 to reflect the restatement of the US GAAP
reconciliations contained therein.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
POTASH CORPORATION OF SASKATCHEWAN INC.
By:
/s/ Joseph Podwika
Name:
Joseph Podwika
Title:
Vice President, General Counsel and Secretary
Dated: November 8, 2005