Federal Finance Minister Jim Flaherty delivered a deficit-cutting budget in the House of Commons Thursday. Here is a look at some of its key details and measures:
Savings of $5.2 billion a year by 2015
19,200 federal public sector jobs cut over 3 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 OAS 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 Northern Gateway pipeline.
GG 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 Nation 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 3 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 reviews participation in some international organizations
Katimavik program for youth will be eliminated.
Government will sell some official residences abroad and down-size others.
Atlantic Investment Tax credit phased out.
http://www.cbc.ca/news/politics/story/2012/03/29/federalbudget-flaherty-hilights.html
Savings of $5.2 billion a year by 2015
19,200 federal public sector jobs cut over 3 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 OAS 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 Northern Gateway pipeline.
GG 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 Nation 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 3 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 reviews participation in some international organizations
Katimavik program for youth will be eliminated.
Government will sell some official residences abroad and down-size others.
Atlantic Investment Tax credit phased out.
http://www.cbc.ca/news/politics/story/2012/03/29/federalbudget-flaherty-hilights.html
