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Net worth
Net worth statement
Full personal balance sheet — every Canadian registered account, real estate, vehicles, and the corresponding debts. Track it annually.
Your scenario
Result
Net worth
$699,600
Total assets
$1,146,000
Total liabilities
$446,400
Why track net worth annually
Net worth — total assets minus total liabilities — is the single most useful number for understanding your financial position. Income tells you the rate; net worth tells you the position. Most Canadians who reach financial independence tracked their net worth annually for years. Anyone who didn't was generally surprised by how far ahead or behind they actually were.
What to include — Canadian-specific
- Cash + chequing: include emergency fund
- TFSA: total contributions + growth since 2009 inception
- RRSP / RRIF: current market value
- FHSA: contributions + growth (lifetime cap $40,000)
- Non-registered investments: brokerage account + crypto + savings bonds
- Principal residence: realistic market value (not assessed value)
- Other real estate: rental property, cottage, etc.
- Vehicles: resale value, not original price
- Defined-benefit pension: include the commuted (transfer) value if you can quote it; otherwise leave out
- Business interests: shares of a private company at conservative valuation
- Collectibles, art: only if you'd genuinely sell, at recent comparable sale prices
Liabilities to track
- Mortgage balance — not original loan amount
- HELOC drawn balance
- Credit card balances (carry-forward only — paid-in-full doesn't count)
- Personal line of credit
- Car loan
- Student loans (federal + provincial)
- Family loans (if formally documented)
- Outstanding tax owing (if any)
Net worth benchmarks for Canadians
StatsCan's most recent Survey of Financial Security gives median net worth by age band:
- Under 35: ~$48,000
- 35–44: ~$235,000
- 45–54: ~$521,000
- 55–64: ~$839,000
- 65+: ~$543,000 (lower because retirees are drawing down)
These are MEDIANS — half of households are below, half above. Top-decile net worth at 55–64 exceeds $3 million.
Five things that move your net worth most
- Mortgage paydown: every dollar of principal payment is a dollar of net worth increase
- Real estate appreciation: historically 4-7%/year in major Canadian markets
- Investment compounding: see compound interest calc
- Debt paydown: paying off high-interest debt (cards, payday loans) is mathematically equivalent to earning that rate
- Income growth + lifestyle restraint: net worth grows from the gap between income and spending, not income alone
Common net worth mistakes
- Overvaluing your home — use a conservative estimate, not the wishful-thinking number
- Counting RRSP at face value — remember it's tax-deferred; the after-tax value is 25–43% lower depending on your retirement marginal rate
- Forgetting CCA recapture on investment properties
- Including illiquid “assets” like cars, depreciating electronics, or collections you'd never sell
- Not tracking annually — once a year is enough; more often is noise