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Key highlights from Budget 2012

Tags: 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 CTV Two CTV News CTV News Channel BNN - Business News Network CP24