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.
Related pages