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$120,000 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$30,000 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 ($3,500/month), foods, car and etc. are total monthly cnd$6,000. The couple has free cash flows in hand is around Cnd$350,000 now, based on the bank's pre-approval, their maximum mortgage amount is Cnd$1.2Million;

Question: The bank can offer you the mortgage rate is 3%, and you understand that the inflation rate is close to 7%, the market risk free rate of return say GIC deposit rate is close to 2% .  Given the market situations, your family members discuss with you the importance of the personal financial planning;  Please list down your sharing with your family members. (Think critical and creatively and list in bulletin points/present your ideas.