Please read the following mini case, and discuss Smith family financial planning goal by analyzing macro and micro factors, their personal budgeting issues? Think critically and creatively, treat Smith family as your own family and you are professional financial planner. Provide your view for Smith family financial planning goal, especially discussing their option to buy their own house instead of rental.

Mr. Smith and Ms. Smith are in their mid 30s. The family is living in Langley BC, the couples have no kids. Mr. Smith is Canadian, a professional accountant CPA and his annual income is around Cnd$150,000 and married Ms. Smith two years ago. Ms. Smith is still holding her passport of a Foreign nation and not yet applied for the immigration status, with working visa in Canada. Ms. Smith does have some contract jobs, her salary is around cnd$50,000 per annum. The family tax marginal tax rate is around 40%, and if they investment in the RRSP plan for cap rate contribution which can lower their marginal tax rate to 25%;

Given the family situations, their annual spending/budget for housing rental ($4,000/month), foods, car and etc. are total around Cnd$96,000, monthly cnd$8,000. The couple has free cash flows in hand is around Cnd$250,000 now, based on the banks pre-approval, their maximum mortgage amount is Cnd$1.2Million;