Other 2012 federal budget highlights announced today include the following:
- The age of eligibility for Canadians to receive their old-age security pension has been increased to 67, from 65, starting in 2023. Anyone who is 54 years or older as of March 31, 2012, will not be affected. People can voluntarily defer receiving their OAS benefit for up to five years, starting July 1, 2013. Those who do will be subsequently rewarded with a higher adjusted pension.
- The $50 limit on duty and tax-free imports when travelling abroad more than 24 hours will be quadrupled to $200 on June 1. Other thresholds ($400 for 48 hours and $750 for seven days) will both be raised to $800. Harmonizing with U.S. limits will lessen the burden on the border, but also cost the government $30 million of revenue in the next two fiscal years.
- There is a proposed $35.7 million over two years to increase safety for oil tankers, including an independent review of oil handling, research into marine pollution risks and updated shipping charts. The government claims 82 tankers arrived at Port Metro Vancouver in 2011 and 200 oil or chemical tankers visited Prince Rupert and Kitimat over the past five years.
- Increased pipeline inspections will get $13.5 million and the temporary, 15% mineral exploration tax credit for flow-through share investors will be extended to March 31, 2013.
- The budget includes $101 million over five years to restore the 1927-built Esquimalt Graving Dock near Victoria. The largest deep-sea shipbuilding and repair dock on the west coast has an estimated $183 million, 1,300-job spinoff for Greater Victoria.
