Asset (often called “Property”)

An asset is something that has value and provides a benefit to its owner.

Examples of assets include tangible goods, such as movable property, real estate, vehicles, investments (RRSP, TFSA), bank accounts, equipment, and machines; intangible goods, such as intellectual property; financial assets, such as stocks, bonds, and investments, or a legal claim.

Some are said to be “short-term” such as a bank account, while others “long-term,” such as a house or a car. The distinction is based on the time required to access the money representing its value if needed. Thus, if an urgent repair is needed, a long-term asset may be worth a lot of money but be of little use because it could not be sold quickly.