Federal budget highlights

Federal Finance Minister Jim Flaherty has delivered a deficit-cutting budget in the House of Commons. Here is a look at some of its key details and measures:

• Savings of $5.2 billion a year by 2015.  
• 19,200 federal public sector jobs cut over three years.  
• Return to surplus by 2015 (an election year). 2012-13 deficit at $21.1 billion.  
• Penny to be discontinued this fall (it still holds value for spending).  
• Age of eligibility for Old Age Security rises gradually to 67 from 65 starting in 2023 — but does not affect anyone 54 or older as of March 31, 2012.  
• One review for major resource development projects, capped at 24 months, including current projects like the Northern Gateway pipeline.  
• Governor General to pay income taxes as of 2013 — but he'll get a raise.  
• No significant tax changes for individuals.
• Duty-free cross-border shopping limits rise this summer to $200 for 24-hour trips and $800 for trips of 48 hours or more.

• Canada will continue with International Space Station mission to 2020.  
• Government to clear backlog in federal skilled worker program by removing some applicants and refunding their fees. They can reapply under new criteria.  
• Public servants to pay more into pensions under a 50/50 formula.  
• Retirement age for federal public servants rises to 65 from 60 for people hired in 2013.  
• A First Nations education act and $275 million to build and renovate schools on reserve, and renewal of the Urban Aboriginal Strategy.
• CBC funding cut by 10 per cent over three years, with annual $60-million programming top-up rolled into base funding.  
• Canadian Forces regular force strength remains at 68,000. Reserves stay at 27,000.  
• Canada to review participation in some international organizations. 
• Katimavik program for youth will be eliminated.  
• Government will sell some official residences abroad and downsize others.  
• Atlantic investment tax credit phased out.