Key highlights from Budget 2012

Federal budget 2012 at a glance:

• $5.2 billion cut in ongoing spending

• Elimination of the penny in fall of 2012

• Government expects to balance its books by 2015 - 2016, one year earlier than it previously forecast.

• Elimination of more than 19,000 government positions, accounting for about 4.8% of its total work force, over the next three years.

• Canadians will be eligible for Old Age Security payments at age 67, rather than the current 65, beginning in 2023.

• Employment Insurance rate hike increases will be limited to 5 cents annually until the program's books are balanced.

•  The approval process for resource projects will be expedited

• $1.1 billion over next 5 years for direct Research & Development and another $500 million in venture capital