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Federal Budget to Pinch Pennies...Literally

Thursday, 29 March 2012 07:35

You could call it a penny pinching budget from the federal Conservatives today. Production of the penny to cease this fall, saving an estimated $11 million a year. As well, the Conservatives are cutting 4.8 per cent of the federal workforce, in eliminating 19,200 federal jobs. As expected, Flaherty is raising the eligibility age for old age security to 67 from the current 65. But it's being phased in starting in April, 2023 and will be fully complete in 2029. Other hilights from the budget include: -Deficit projected to fall $8.5 billion, to $24.9 billion for 2011-12, to decline to $21.1 billion next year and to disappear by 2015. -More than $5 billion in cuts to annual federal spending by 2014-15. -$5.2 billion over 11 years to renew and refit the Canadian Coast Guard's fleet of vessels and helicopters. -Eligible Canadians to be allowed to defer old age security for a maximum of five years, beginning in 2013, in exchange for higher benefits. -$1.1 billion in research and development over five years, plus $500 million to encourage venture capital investment by the private sector. -First Nations reserves: $275 million over three years for schools and education, $330.8 million over two years to improve water systems and water quality. -CBC to lose 10 per cent of annual funding. -$482 million over two years to improve the effectiveness of the employment insurance system, including incentives for accepting work and ensuring benefit levels align with local labour market conditions. -$205 million for a one-year extension of a temporary hiring credit for small businesses. -$50 million over two years to provide job skills training for young people.

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