Net Worth Calculator
Net Worth = Total Assets − Total Liabilities
Asset Categories
Liquid Assets
| Asset | Description |
|---|
| Chequing accounts | Everyday spending money |
| Savings accounts | Emergency fund, short-term savings |
| HISAs | High-interest savings |
| GICs | Guaranteed Investment Certificates |
| Money market funds | Low-risk investments |
Investment Assets
| Asset | Description |
|---|
| TFSA | Tax-Free Savings Account |
| RRSP | Registered Retirement Savings Plan |
| FHSA | First Home Savings Account |
| RESP | Registered Education Savings Plan |
| Non-registered investments | Taxable brokerage accounts |
| Pension value | Commuted value of defined benefit |
Property Assets
| Asset | Description |
|---|
| Primary residence | Current market value |
| Investment properties | Rental properties |
| Land | Vacant land holdings |
Other Assets
| Asset | Description |
|---|
| Vehicles | Current resale value |
| Valuables | Jewelry, art, collectibles |
| Business equity | Value of business ownership |
Liability Categories
| Liability | Description |
|---|
| Mortgage(s) | Outstanding balance |
| HELOC | Home equity line of credit balance |
| Car loans | Auto financing |
| Student loans | OSAP, other education debt |
| Credit cards | Outstanding balances |
| Personal loans | Lines of credit, other loans |
| Tax owing | Outstanding tax debt |
Canadian Net Worth by Age
Statistics Canada median net worth (2023 Survey of Financial Security):
| Age Group | Median Net Worth |
|---|
| Under 35 | $48,000 |
| 35-44 | $234,000 |
| 45-54 | $521,000 |
| 55-64 | $690,000 |
| 65+ | $543,000 |
Net Worth Benchmarks by Age
Fidelity’s Salary Multiples
| Age | Target Net Worth |
|---|
| 30 | 1× annual salary |
| 40 | 3× annual salary |
| 50 | 6× annual salary |
| 60 | 8× annual salary |
| 67 | 10× annual salary |
Example: $80,000 salary
| Age | Target Net Worth |
|---|
| 30 | $80,000 |
| 40 | $240,000 |
| 50 | $480,000 |
| 60 | $640,000 |
| 67 | $800,000 |
Sample Net Worth Calculation
Assets
| Category | Amount |
|---|
| Chequing/Savings | $15,000 |
| TFSA | $45,000 |
| RRSP | $85,000 |
| Home value | $650,000 |
| Car value | $18,000 |
| Total Assets | $813,000 |
Liabilities
| Category | Amount |
|---|
| Mortgage | $420,000 |
| Car loan | $12,000 |
| Credit cards | $3,000 |
| Total Liabilities | $435,000 |
Net Worth
| |
|---|
| Total Assets | $813,000 |
| Total Liabilities | -$435,000 |
| Net Worth | $378,000 |
How to Increase Net Worth
Grow assets
- Max TFSA and RRSP contributions
- Build home equity through payments
- Invest regularly (dollar-cost averaging)
- Increase income through raises or side income
Reduce liabilities
- Pay off high-interest debt first
- Make extra mortgage payments
- Avoid new consumer debt
- Refinance to lower rates when possible
Tracking Your Net Worth
Track monthly or quarterly to:
- Measure progress toward goals
- Identify spending leaks
- Stay motivated on financial journey
- Catch problems early
Many Canadians use spreadsheets or apps like Wealthica, Mint, or YNAB.
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