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Tools & Calculators

  • Net Worth Calculator

    Completing the following net worth statement will help you begin to understand what assets you own, what they may be worth if sold, your debts, and whether you have sufficient assets if sold in an orderly manner, to pay your debts in full. If upon completion of the net worth statement you have an apparent excess of debts over assets, you may be insolvent.

    In estimating your net worth, do not include values for personal belongings (they typically have minimal value and are exempt from creditor seizure under Ontario law), a vehicle worth equal to or less than $6,600 (a vehicle to a value of $6,600 is exempt from creditor seizure under Ontario law) or tools required to earn a living to a value of $11,300 (Ontario law exempts from seizure tools required to earn a living to a maximum value of $11,300).

    Prior to beginning to complete the net worth statement, we suggest that you gather up and determine the following:

    • Vehicle ownerships and values (scan local newspaper classified ads and online used car ads for your make and model) if the vehicle is worth more than $6,600 or is subject to a bank lien or lease.
    • Recreational vehicle ownerships and values (scan local newspaper classified ads and online ads for your make and model).
    • Current investment balances by review of a recent statement less estimated applicable income tax.
    • RRSP balances by review of a recent statement less estimated applicable income tax.
    • Cash surrender value of life insurance policies by review of recent statements.
    • Real estate deeds and the most recent municipal property tax assessment reports as to the assets estimated value.
    • Estimated net realizable value of all other assets by review of applicable documentation.
    • Recent credit card, bank loan and bank overdraft statements.
    • Real estate mortgages and a current statement of the balance owed on the mortgage.
    • Vehicle mortgages \ leases and a current statement of the balance owed on the mortgage\ lease.
    • Details of all other debts by review of relevant notes, agreements, leases, tax assessments, and judgments etc.

    If the sum of your debts exceeds the estimated realizable value of your assets, you may be insolvent.