In early $2020,$ Philip, a dentist, and his wife, Ada, a digital marketing specialist, relocated to Vancouver, BC$.$ Shortly after the move, Ada, a digital marketing specialist, obtained a full$-$time job with a private company in Burnaby. Philip, a dentist, obtained his dentistry degree from the university of his home country several years ago. He has recently spent a lot of time studying for the reciprocity examination administered by the Canadian National Dental Examining Board $($NDEB$),$ enabling him to practice dentistry in Canada. Last summer, Philip passed all the exams. He has approached you as a financial advisor and sought advice on establishing his dental practice.

It is October $1$st$,2023.$ You are meeting with Philip and Ada to discuss their plans.