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Your 2012 Federal Budget

Great News as Mortgages remain with 30 yr amortizations and only 5% down required to purchase … we actually still have $0 down, ask me how!

I have comprised a summary of key points I find relevant and important for you.

Budget: Highlights of the 2012 federal budget

The budget will:

  • Gradually raise the age of eligibility for Old Age Security from 65 to 67 beginning in 2023.
  • Contain no new taxes or tax increases.
  • Tell consumers to complain directly to food companies about product labelling.
  • Eliminate the penny.
  • Eliminate 19,200 government jobs over three years, including 600 senior executives and 7,200 through attrition.
  • Reform regulation in the resource industry, including amending the Canadian Environmental Protection Act.
  • Allow Canadians to claim more goods duty-free at the border. The limit after 24 hours goes from $50 to $200.
  • Cap EI premium rate increases to 5 cents a year until the fund is balanced again.
  • Cut $2.1 billion from the Department of National Defence over the next three years.
  • Cut funding to the CBC by 10 per cent over three years totaling $115 million.
  • Cut funding to Elections Canada by $7.5 million a year starting in 2012-13.
  • Give $5.2 billion over 11 years to the Canadian Coast Guard.
  • Give $67 million to the National Research Council to refocus on “business-led, industry-relevant research.”
  • Streamline overall regulatory reviews of major economic projects.
  • Provide $275 million to build and renovate schools on reserves.
  • Pass legislation to create standards for First Nations education.
  • Refund $130 million in application and processing fees to skilled foreign workers stuck in immigration limbo.
  • Raise the retirement age of public servants from 60 to 65, for new employees beginning in 2013.
  • Increase employee-contribution levels to pension plans for those working in Canadian Forces, RCMP, Public Service Commission and parliamentarians.
  • Make the Governor General pay income tax beginning in 2013.
  • Shut down the Public Appointments Commission, Assisted Human Reproduction Canada, and the National Round Table on the Environment and the Economy.
  • Sell official residences abroad, generating $80 million in revenue.
  • Standardize all government emails to one system.
  • $205 million over one year for Hiring Credit for Small Business.
  • Give $50 million over two years to Youth Employment Strategy.
  • Give $150 million over two years on Community Infrastructure Improvement fund
  • Give $105 million next year to Via Rail for operational and capital projects.
  • Give $101 million over next five years for Esquimalt Graving Dock.
  • Give $50 million over two years to protect wildlife at risk.
  • Provide $450 million for sports facilities in the Greater Toronto Area for the 2015 Pan American and Parapan American Games.
  • Give $8 million to clean up low-level radioactive waste in Port Hope and Clarington, Ont.
  • Provide $44 million over two years to the Canadian Grain Commission to reform their funding model.
  • Provide $13.5 million over two years to improve pipeline safety.
  • Give $35.7 million over two years to improve tanker safety and inspections, emergency preparedness related to oil spills and updated charts for shipping routes.
  • Announce a new global commerce strategy in 2013 that sets trade priorities.
  • Provide $9.6 million over three years to the RCMP to fight counterfeiting.
  • Give $ 99.2 million over three years to help the provinces create permanent flood mitigation measures.
  • The Government has found $5.2 billion in ongoing savings from departmental spending or less than two per cent of federal program spending.


Read More: 

 http://www.canada.com/business/Budget+Highlights+2012+federal+budget/6380795/story.html#ixzz1qbN57uvG

Yours in budgeting,

~J

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Here to help inform, educate and represent you in the home financing process.

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