Top 5 Questions About Zakat: The Answers You Need to All The Questions You Have

When do I have to pay Zakat?

Zakat should be paid on the day that your assets minus your liabilities are above the Nisab amount for an entire lunar year. To understand this, let’s clarify the meaning of a couple terms. To learn more about Nisab, please click here.

To see how your zakat is calculated on the amount accumulated within one lunar year please click here.

How do I calculate Zakat on my RESP/RRSP account?

Assess which pension fund your asset falls under from the scenarios below.

Scenario 1: Have access to funds withdrawal

Scenario 2: No access to funds withdrawal

Once recognized, information about how to calculate Zakat on RESP/RRSP can be found in a copy of the Simple Zakat guide. Please  click here.

Is Zakat due on my jewelry and how do I calculate it?

There is a difference of opinion within the scholars if one should pay Zakat on jewelry. However, NZF follows the opinion that Zakat is due on jewelry. To see an explanation as to why Zakat is due on jewelry, please click here.

Is Zakat due on trading stocks?

Stocks are tricky to calculate and can become very technical. For assistance in Zakat calculation, please click here.

How do I calculate Zakat on my property?

The house in which you live in is not subject to Zakat. Other properties may have Zakat due upon them. Information about how to calculate Zakat on different properties can be found in a copy of the Simple Zakat guide, please click here.

For assistance in calculating your Zakat, please use our free services: Our Simple Zakat Guide, our Zakat calculator, our free Turbo Zakat app, or give us a call today at +1 888 693 2203.

Written by: Aisha H.