Retirement news

With the Federal budget out there is some interesting news for this household…with our retirement eligibility beginning in 2022, 

As the government will gradually raise the age of eligibility for Old Age Security from 65 to 67 beginning in 2023, and eligible Canadians to be allowed to defer old age security for a maximum of five years, beginning in 2013, in exchange for higher benefits.

And then there’s the one cent news with the elimination of the penny.

Do you work for the Federal Government?  That might not be as good news with the elimination of 19,200 government jobs over three years, including 600 senior executives and 7,200 through attrition.

Since we tend to enjoy a bit of cross border shopping there is good news in the governments decision to allow Canadians to claim more goods duty-free at the border. The limit after 24 hours goes from $50 to $200.

The government is going to gain some income and spend some money with:  capping EI premium rate increases to 5 cents a year until the fund is balanced again and cutting $2.1 billion from the Department of National Defence over the next three years.

Since we’re all going to be working later in life the government is going to raise the retirement age of public servants from 60 to 65, for new employees beginning in 2013.

I didn’t know that the GG doesn’t pay income tax, did you?  Well now the Governor General will pay income tax beginning in 2013.

The government is going to cash in some assets by selling official residences abroad, generating $80 million in revenue.

In regards to our nuclear sites, the government is going to give $8 million to clean up low-level radioactive waste in Port Hope and Clarington, Ont.

Listen up Alberta they will provide $13.5 million over two years to improve pipeline safety.

There’s money for the RCMP too – they get $9.6 million over three years to the RCMP to fight counterfeiting.

So there’s few insights into what is happening in our budget announcements.  Still can’t believe that the penny will join the half penny in obscurity!

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