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Glossary -> Net Worth

Net Worth

Net worth is calculated as the total of all your assets less the total of all your liabilities.

For an individual, the assets would include:

bulletreal estate, including your principal residence
bulletvehicles, boats, recreational vehicles
bulletbank accounts including chequing, savings, GICs, and term deposits
bulletinvestment accounts, including registered accounts such as RRSPs, TFSAs, RRIFs, RESPs and RDSPs
bulletpersonal property such as antiques, jewellery, stamp or coin collections, rare books, works of art
bulletcash value of life insurance policies
bulletshares in private corporations
bulletother items of value that may be owned by the individual

Liabilities would include:

bulletbank overdrafts
bulletcredit card balances
bulletline of credit balances
bulletdebt from margin accounts
bulletcar loans
bulletpromissory notes
bulletany other amounts that may be owed by the individual

Here is an example of a summary of net worth:

Net Worth Summary

Assets Value
House $800,000
Vehicle 8,000
RRSPs 300,000
TFSAs 46,500
Chequing account     1,000
Total assets $1,155,500
Liabilities Value
Mortgage $450,000
Car loan 4,000
Credit card debt 2,000
Total liabilities $456,000
Net worth $699,500

It's a good idea to do a net worth summary once in a while, such as annually, to see if you are progressing on the road to financial independence.  For more on how to become financially independent, see our Free in 30! articles.

See also our Net Worth Calculator.

Tax Tip:  Check your net worth occasionally to monitor your progress toward financial independence!

Revised: October 26, 2023


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