Cut a polygon layer based on the polygon of another layer

Hello,

Is there a way to use a polygon on one layer as a template to cut out a pologon on another layer?

For example, lets say I had a polygon of a park on one layer and another layer of lakes on top of it. How can I cut the lakes into the park polygon so that the park is filled with holes after the lakes layer is removed?

It seems like there are some higher level tools that can do what I want, however I only have the basic/low level license.