March 29  2012

Here are the Major Highlights of the March 29, 2012 Federal Budget

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

 
– The Government expects a budgetary deficit of $21.1 billion for 2012-13 with a surplus by 2015.

 
– Savings of $5.2 billion a year by 2015.

 
– Penny production to end this fall but coin will remain in circulation.

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

 
– Public servants to pay more into pension plans under a 50/50 formula.

 
– Retirement age for federal civil servants to rise to 65 from 60 for people hired in 2013.

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

 
– No significant tax changes for individuals.

 
– CBC funding cut by 10% over three years.

 
– Governor General to pay income taxes.

 
– Government to sell some official overseas residences.

 
– Canada to review participation in some international organizations.

 

Full Details on the Department of Finance Website Here Below:

 
http://www.budget.gc.ca/2012/home-accueil-eng.html