A client has come to you seeking financial advice in the 2022 taxation year. His parents have recently passed away and he is the executor of their estate. The client is the sole beneficiary per the will. Below are other details:

Scenario

CLIENT INFORMATION Age of Client 27

Total $ Inherited $65,000

Current Credit Card Balance (Personal) $5,000 (Interest Rate of 24.9%)

Current Taxable Income $50,000 (2022 Tax Year)

Next Year's Expected Taxable Income $135,000 (2023 Tax Year)

TFSA Room Available in 2022 $25,000

RRSP Room Available in 2022 $30,000

CLIENT'S SPOUSE INFORMATION

Age of Spouse 24

Current Taxable Income $3,000 (2022 Tax Year)

Next Year's Expected Taxable Income $4,000 (2023 Tax Year)

TFSA Room Available in 2022 $25,000

RRSP Room Available in 2022 $15,000

CLIENT'S SON INFORMATION

Age of Son 4

Current Taxable Income $0 (2022 Tax Year)

Next Year's Expected Taxable Income $0 (2023 Tax Year)

Consider all the information from the question and your responses provided above. Draft a professional letter (in good form) to the client. Ensure you use proper formatting and grammar in the letter. The letter must clearly indicate all the actions the client should make and an explanation why. Keep in mind the client's situation and write in an appropriate tone. Lastly, you should recommend what investment they make inside the plans (short vs long term and low vs high risk).