Please answer the following questions:

1. Describe the actions you will take (i.e., reducing total income, using deductions,or increasing tax credits) to achieve tax savings in the present year.

2. Detail the means by which you will reduce your tax liability (i.e., reducing total income, using deductions, or increasing tax credits).

Personal Financial Goals Dollar Amount Priority (Low, Medium, High) Tax Advantage Options Financial Goal Short-Term Goals 1. Car repair/maintenance by DEC 20 | $2,000 M none $10,000 M TFSA 2. Contribute $10000 to TFSA a/c in DEC 20 3. Paying $5000 off interest debt by SEP 20 $5,000 H none $20,000 M none Medium-Term Goals 1. Save $20000 for future business investment by DEC 22 2. Save $10000 for brother's education expenses by SEP 23 3. Save $100000 for my weeding by DEC 25 $10,000 H none $100,000 L none $400,000 L none Long-Term Goals 1. Save $400000 for children's private schooling & college 2. Accumulated retirement fund in RRSP to convert to RRIF at age 3. Save $1000000 for a dream house & farm by SEP 40 $7,000,000 H RRSP $1,000,000 L none Personal Financial Goals Dollar Amount Priority (Low, Medium, High) Tax Advantage Options Financial Goal Short-Term Goals 1. Car repair/maintenance by DEC 20 | $2,000 M none $10,000 M TFSA 2. Contribute $10000 to TFSA a/c in DEC 20 3. Paying $5000 off interest debt by SEP 20 $5,000 H none $20,000 M none Medium-Term Goals 1. Save $20000 for future business investment by DEC 22 2. Save $10000 for brother's education expenses by SEP 23 3. Save $100000 for my weeding by DEC 25 $10,000 H none $100,000 L none $400,000 L none Long-Term Goals 1. Save $400000 for children's private schooling & college 2. Accumulated retirement fund in RRSP to convert to RRIF at age 3. Save $1000000 for a dream house & farm by SEP 40 $7,000,000 H RRSP $1,000,000 L none