2012 budget favours energy projects

"The booming economies of the Asia-Pacific region are a huge and increasing source of demand, but Canada is not the only country to which they can turn. If we fail to act now, this historic window of opportunity will close."

This means one review per project will be done in a "clearly defined" time period.

In an effort to increase the number of skilled workers in the country, changes to the immigration system, Old Age Security and Employment Insurance will also be implemented. Canada's immigration system will be reformed to make it faster and more efficient to attract people to our workforce. Gradual adjustments will be made to the Old Age Security program, increasing the age of eligibility from 65 to 67 from 2023 to 2029. Encouraging working longer, people turning 65 will have the option of delaying receiving benefits for up to five years, and getting higher benefits in return. Flaherty also promised a modernization of the Employment Insurance Program, encouraging people to accept all work, or else receive lower benefits.

"Our goal," he says, "is to strengthen the financial security of Canadian workers and families, to help create good jobs and long-term prosperity in every region of the country. He adds, "it is not enough simply to maintain Canada’s advantage among the major advanced economies. We must also position Canada to compete successfully with the world’s large and dynamic emerging economies. In a changing global economy we must aim higher. We must avoid falling behind. We must realize the enormous potential of our great country."

Prince George – Peace River MP Bob Zimmer is pleased with the budget's focus on jobs and growth. "Keeping taxes low and returning Canada to balanced budgets over the medium term is good news for Northeastern British Columbia," he said in a press release.

Other highlights of the 2012 budget:

– $5.2 billion in spending cuts.

– The elimination of the penny. The penny will no longer be in circulation as of Fall 2012. Cash transactions will be rounded to the closest nickel.

– Canadians can claim more duty free goods at the border. After a 24-hour visit, the limit will go from $50 to $200.

– $8 million over the next two years to ensure charities are being charitable, not political.

– $275 million over three years to build and renovate schools on First Nations reserves.

– $165 million over two years for responsible resource development "that creates jobs while protecting the environment".