Canada's Finance Minister has introduced a 2012 budget that includes fewer cuts than initially feared.

Instead of the predicted $8 billion, Jim Flaherty has announced $5.2 billion in cuts by 2015.

"We have no need to resort to the drastic cuts being forced upon some other developed countries today.  We have no need to undertake the radical austerity measures imposed by the Federal Government in the 1990s."

The penny will be discontinued by this fall as each penny costs 1.5 cents to produce.

The age of eligibility for Old Age Security will rise gradually to 67 from 65 starting in 2023.

A promise has also been made to build and renovate on reserve schools and renew the Urban Aboriginal Strategy.

The Government will bring forward legislation to implement "one project, one review" for major economic projects.

19,200 federal public sector jobs will be cut over the next three years.

As of June 1st, travellers returning to Canada after being away for 24 hours can bring back $200 worth of duty and tax free goods.

Cariboo-Prince George MP Dick Harris is proud of the budget, and says there is a very important piece of it that affects Prince George and area.

"Unfortunately major economic projects, particularily natural resources, have been subject to long and unpredictable, potentially what's seemingly endless delays. So we're going to be putting fixed timelines for these reviews, and it's going to really speed up the process."

Harris says he's happy to see significantly fewer cuts than initially anticipated.

Click here for full budget details: http://www.budget.gc.ca/2012/home-accueil-eng.html

Most Viewed Stories

• Tragic accident in Mackenzie claims life of 12 year old girl
• Gitga'at First Nation ejects Enbridge crew
• Your horoscope, for May 20 to May 26, 2013
• Your horoscope, for May 20 to May 26, 2013
• Salmon conservationist still waiting on action by governments