Q1. Which of the following best describes a budget-based financial plan?

1. Identifies the amount of money you are able to allocate towards savings on a regular basis.
2. Determines your income goal at retirement, then what amount you will need at retirement.
3. Calculate what you need to save to obtain your desired retirement income.
4. Calculate amount that you can afford to save based on current income

Q2. Tony earned $80,000 last year, and there was a $4,800 pension adjustment. He will earn $84,000 this year. How much can he contribute to his TFSA this year, and what is his taxable income this year?

Q3: f Anastasia owns a home worth $1,500,000 and she purchases a $750,000 annuity with the proceeds of the reverse mortgage, how will the earned income be taxed?