Getting Started: Net Worth
Net worth is a summary of your assets and debts. It includes all the information you shared in the Assets and Debts sections.
This summary is important because it represents the starting point for future projections. We want to make sure no accounts are missing and that the values are accurate.
Cost base is also important for assets outside of tax-sheltered accounts. Non-registered investment accounts, rental properties, and vacation properties will all require an accurate cost base to be added in the Assets section. This will be important in the future if and when these assets are sold and capital gains tax needs to be calculated.
