I guess it's time for another update. As I mentioned 2014 was an expensive year for us, but we did have a few things go in our favour. Several years ago, when we were young and na√Įve, we got involved in a charitable donation scheme to reduce our taxes. We got audited, the donations were denied (for tax purposes), and we had to pay taxes, penalties, and interest. Well there was a lawsuit that's dragged on, and in 2014, the CRA (Canada's IRS) extended a settlement offer to the people involved. Long story short, we took the deal and got back the interest and penalties we paid back then, which amounted to a little under $7,000. I put the entire amount against the mortgage.
In addition, despite the economic turmoil, our investments have continued to grow steadily. Here's how the numbers shook out at the beginning of January:
$3,500 Cash savings
$223,500 RRSPs (Canadian 401(k)'s)
$7,300 TFSAs (Canadian Roth IRAs)
$13,000 Wife's DCPP
$11,000 Emergency fund
$2,700 Car replacement fund
$2,650 Travel fund
$500,000 Home value
$77,000 Land banking investment
$632,650 NET WORTH
The $1,000 on the Visa is my wife's, she bought a couple more expensive items for Christmas. It gets paid off every month, but it was significant enough that I felt it appropriate to include it in the summary.
I also decided to use a more conservative value for the Land Banking investment (I'd been rounding up in the past), and I'm now including my wife's employer-sponsored deferred compensation pension plan (DCPP). It's basically a defined-contribution pension plan that both she and her employer contribute to.