ollie Posted March 29, 2012 Report Share Posted March 29, 2012 (edited) 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 Link to comment Share on other sites More sharing options...
ollie Posted March 29, 2012 Author Report Share Posted March 29, 2012 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. Link to comment Share on other sites More sharing options...
Freak By Night Posted March 30, 2012 Report Share Posted March 30, 2012 A quick summary of the budget:Expect to retire penniless. Link to comment Share on other sites More sharing options...
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