Original question, YES its safe. use the 12 with the 15 amp breaker, its fine.
Original poster STOP READING.
alot of others, oh boy, where to start? nothing wrong with it, its safe, in SOME cases you use a breaker to protect the wire, is some cases its to protect the load, Motor loads are a good example, you can undersize the wire to running amps but will often breaker the motor to STARTING current that can sometimes be a big difference.
Cost, someone here said 30+ bucks a roll is not a small difference, maybe for you buying 1 roll at home depot, when we order, we order it by the pallet load, and the cost difference is very very small, often to the point why the hell are we buying 14??? for under 2 bucks a roll difference, its not worth the floor / shelf space to stock alot of 14.
now for all the YOUR GOING TO DIE IN A FIRE people, please. CEC new codes allow upto 25 amp on a 14 gauge wire, the whole wire size thing has gone up thrue the roof, more amps on each guage of wire, however the breaker or load has to be rated at 90 degree's for it, most are not, so we have to throw back to the 75 degree which puts 14g back into the 15 amp, but its perfectly code legal to run a 12g from a 20 amp breaker to a JB 1 foot out of the panel, splice into 14g, run 14 across the building, back into a JB go back to 12 to tie into the load.
and Kevin C, useing your Quote here ...Sure at times we can beat things to death, but there is also a good opportunity to learn not only HOW your doing something but perhaps WHY.
there is alot of right answers on here, and alot of wrong answers, people here do get stuck in the, the code says this...... but it also says...... something different in a different section, sometimes 4 different answers for the same question, the trick is figuring out what section applies, again, useing the motors example, basic branch circuit for a plug or light it says yada yada, go to Motor loads, it suddenly has smaller wire, much bigger breakers, then go to Compressor motors ( like air conditioning / freezer units NOT air compressors in our shops) and its again a whole different set of rules and values.
lighting circuits have max loads, depending on homes/garages / storage / industrial / TYPE of lights / voltage of lights / Starting voltage of lights , again the golden book of rules gets very murky.
if your really interested, see if you can get a NEW code book, and attend a lecture on the NEW code rules and changes, often community colleges will have a code class for the new changes and uses of the book. Like I said the NEW 2012 CEC book is so much of a joke, with all the changes the Errata and changes and clarifications to it are now the size of the code book, and still growing, they are talking about throwing it out and starting over.