Terry’s Weekly Update
March 30, 2012March 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