Budget 2012

[ollie]

Highlights:

- Savings of $5.2 billion a year by 2015.

- 19,200 federal public sector jobs cut over three years.

- Return to surplus by 2015 (an election year). 2012-13 deficit at $21.1 billion.

- Penny to be discontinued this fall (it still holds value for spending).

- Age of eligibility for Old Age Security rises gradually to 67 from 65 starting in 2023 — but does not affect anyone 54 or older as of March 31, 2012.

- One review for major resource development projects, capped at 24 months, including current projects like the Northern Gateway pipeline.

- Governor General to pay income taxes as of 2013 — but he'll get a raise.

- No significant tax changes for individuals.

- Duty-free cross-border shopping limits rise this summer to $200 for 24-hour trips and $800 for trips of 48 hours or more.

- Canada will continue with International Space Station mission to 2020.

- Government to clear backlog in federal skilled worker program by removing some applicants and refunding their fees. They can reapply under new criteria.

- Public servants to pay more into pensions under a 50/50 formula.

- Retirement age for federal public servants rises to 65 from 60 for people hired in 2013.

- A First Nations education act and $275 million to build and renovate schools on reserve, and renewal of the Urban Aboriginal Strategy.

- CBC funding cut by 10 per cent over three years, with annual $60-million programming top-up rolled into base funding.

- Canadian Forces regular force strength remains at 68,000. Reserves stay at 27,000.

- Canada to review participation in some international organizations.

- Katimavik program for youth will be eliminated.

- Government will sell some official residences abroad and downsize others.

- Atlantic investment tax credit phased out.

http://www.cbc.ca/news/politics/story/2012/03/29/federalbudget-flaherty-hilights.html

Edited March 29, 2012 by Guest

[ollie]

I don't hate it except for the 50/50 pension formula for fed gov't workers, I need to look into that one some more. I think it might be a mistake because I've always considered the pension to be the most attractive benefit of the job. Glad I slid under the retirement age increase threshold though.

The death of the penny makes me sad.

[Freak By Night]

A quick summary of the budget:

Expect to retire penniless.