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Canadian Tax and
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Net worth is calculated as the total of all your assets less the total of all
For an individual, the assets would include:
real estate, including your principal residence
vehicles, boats, recreational vehicles
bank accounts including chequing, savings, GICs, and term deposits
investment accounts, including registered accounts such as RRSPs, TFSAs,
RRIFs, RESPs and RDSPs
personal property such as antiques, jewellery, stamp or coin collections,
rare books, works of art
cash value of life insurance policies
shares in private corporations
other items of value that may be owned by the individual
Liabilities would include:
credit card balances
line of credit balances
debt from margin accounts
any other amounts that may be owed by the individual
Here is an example of a summary of net worth:
Net Worth Summary
Credit card debt
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.