Question 1

What counts as an asset vs a liability?

Accepted Answer

Assets are things you own with monetary value: bank accounts, investments, RRSP and TFSA balances, real estate equity, and vehicles. Liabilities are amounts you owe: mortgage balance, car loan, credit card debt, student loans. Net worth = total assets minus total liabilities.

Question 2

How often should I update my net worth?

Accepted Answer

Most people track net worth monthly or quarterly to see progress. An annual review at minimum lets you measure year-over-year growth toward your financial goals.

Question 3

Should I include my RRSP and TFSA in net worth?

Accepted Answer

Yes — include them at current market value. Note that RRSP withdrawals are taxed as income, so your RRSP's after-tax value is lower than its face value. Some people track a 'tax-adjusted net worth' separately to reflect this.

Net Worth Tracker