Maybe you already know or could easily figure out how to calculate your net worth, your personal tax rate, or your retirement savings needs. But, how often should you do so, or is there anything else you can gauge about your financial situation while you’re already dedicating time to it?

To help you get and stay financially organized, we put together the below free financial calculators for Canadians. In addition to visually graphing your data, these financial calculators also provide future analysis and comparisons. It’s important to keep in mind that although these calculators are easy and efficient financial tools, they do offer estimates and are only as good as the numbers you input.

insurance tax retirement net worth savings calculate canada

FINANCIAL CALCULATORS FOR CANADIANS

Net Worth:

Whether you’re just starting out or have a successful career on the move or thinking of moving onto a new venture, we suggest getting into a habit of reviewing your net worth annually. It only takes a minute and can be done right around the time you’re working on your taxes.

Calculator

Savings:

Since the late 1990’s, Canadians have been saving less and becoming more comfortable with debt. Generally, the savings sweet spot differs for individuals based on where they are in their life and career. We suggest you get into the habit of saving 20% of your income . Pay yourself first. Make automatic contributions to a savings account or event better, to your RRSP.

Savings Goal

TFSA

 Mortgage:

Purchasing a property, especially your first property, is a big accomplishment and a life goal for many. With real estate prices in Canada on the rise, stay within your means and determine the impact of various principal payments.

How Much House Can You Afford?

Mortgage Loan Calculator

Tax:

Whether you’re an income tax wiz yourself or have an accountant look after the filing for you, it’s never a bad idea to quickly estimate your annual income tax to mentally prepare yourself. It’s also worth checking what the impact of contributing to your RRSP does to your marginal tax rate.

Personal Tax Calculator

Retirement:

Have you thought about what you’d like your retirement lifestyle to be like? It’s always a good idea to start planning and saving towards your retirement needs and wants sooner rather than later.

Retirement Planner Calculator

Retirement Budget and Inflation Calculator

Insurance:

Be financially prepared and secured for things that life may throw your way. You can’t insure everything but your most important asset, your ability to generate income for yourself and your family, shouldn’t be overlooked. You don’t pay for insurance with your money but with your health. Get coverage while you can.

Life Insurance Requirements Calculator

Disability Insurance

 

There are other additional financial calculators that would be able to assist you in organizing and strategizing your financial goals and help you understanding what it will take to achieve them.

In addition to the calculators, please download our personal financial records organizer to help you further put all your financial notes in one place.

DOWNLOAD: PERSONAL FINANCIAL RECORDS ORGANIZER

These are a good start and if there is anything extra you’d like for me to review, please email elke@rubachwealth.com