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Zakat Calculator

Enter your assets and liabilities and easily calculate your Zakat obligation below.

Assets

Assets you own on which Zakat is payable.

Cash and other cash-like assets.
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Cash can be easily understood as liquid wealth. It can be in the form of real cash bills, money available in the bank, or cryptocurrency.
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Include all cash in your ownership or the ownership of your children (if you are paying Zakat on behalf of your children's wealth.
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All cash must be included, whether in a bank account, wallet, purse, locker, or safe.
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If interest has been earned on your liquid investments as cash, then this is not included for Zakat purposes. All interest gained should be given away to charity.

Don't forget to include cash held in other currencies.
$
Price per gram:
$
108.53
Enter the dollar value only.

Gold, in whichever form (jewellery, coin, ingots, etc.) is subject to Zakat. Though the scholars differ in this area, it is safer to pay Zakat on all gold jewellery.

Gold jewelry must be composed of more than 50% gold.

Gold can be valued at its resale value by a jeweller or you can multiply the number of grams of gold you own by the current market value.

Zakatable Portion of Gold Jewelry = (Weight of jewelry in grams - Weight of non-metals and stones) x (Resale price of gold)

If you measure your gold in Tolas, convert it to grams by multiplying the tola by 11.66.

There is no Zakat on metals other than gold and silver.

There is no Zakat on gemstones and diamonds.
$
Price per gram:
$
1.22
Enter the dollar value only.

Silver, in whichever form (jewellery, coin, ingots, etc.), is subject to Zakat. Though the scholars differ in this area, it is safer to pay Zakat on all silver jewellery.

Silver jewelry must be composed of more than 50% silver.

Silver can be valued at its resale value by a jeweller or you can multiply the number of grams of silver you own by the current market value.

Zakatable Portion of Silver Jewelry = (Weight of jewellery in grams - Weight of non-metals and stones) x (Resale price of silver)

There is no Zakat on metals other than gold and silver.

There is no Zakat on gemstones and diamonds.
$
Zakat is payable on strong debts, i.e. money owed to you that you are confident will be returned to you.

This may include personal loans to friends or family.

This does not include outstanding wages, dowry, inheritance not yet received, or assets held in trust.
$
‍Include stock shares or ETFs/Mutual Funds not bought or sold within 1 lunar year. If unsure then include as Short Term Stocks to be safe.

These long term assets are taken at 30% value to approximate the Zakatable Asset Ratio for the assets held in the fund.

This only applies to ETFs/funds that hold stocks, and does not apply to funds holding cash, gold, commodities, cryptocurrencies, etc.
$
Shares with the intention of selling for capital gain within the next lunar year (12 months) are included here along with any shares purchased within 1 lunar year.

If unsure you will sell (i.e. depends on price or some other circumstance) it is safer to include it here as Short term shares.
$
The Zakatable portion of RRSP is the fund amount minus the withdrawal tax.

E.g., An RRSP fund contains $100,000.

Should you withdraw today, your withdrawal tax would be 30% of the fund equaling $30,000.

The net amount = $100,000 - $30,000 = $70,000

Therefore, your Zakatable portion of RRSP is $70,000

Note: The withdrawal tax varies based on the size of the fund. Please refer to the table below for reference.
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WITHDRAWAL AMOUNT <$5,000 $5,000 - $15,000>$15,000
Rate of tax withheld for Canadian residents10% withheld20% withheld 30% withheld
Rate of tax withheld for the province of Québec5% withheld 10% withheld 15% withheld
$
Since RESP accounts are under the control of the parent(s), they are subject to Zakat.

The Zakatable portion of RESP is the contributions you have made to the fund plus the growth realized on the fund.

E.g., There is $12,000 in an RESP fund, of which $10,000 was contributed by you, and $2,000 was contributed by the government. As result, you would be liable to pay Zakat on the $10,000.
$
If you possess cryptocurrencies (such as Bitcoin and Ethereum) or other cash-equivalent / liquid assets that are not mentioned above, please add the dollar value of these here.

This could include (but not limited to):

- The face value of NFT’s held as investments

- Other currencies held in offshore accounts not included above in the cash section

- Assets belonging to a family member on whose behalf you are paying Zakat

Note: NFT’s held as collectibles and not with the express intent to resell them are not subject to Zakat.
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$
The house in which you live is not subject to Zakat.

If a property or other fixed asset is purchased with the express intent to resell, then the entire sale value of the property is subject to Zakat.

If the property is marked for sale and your Zakat becomes due but you don't have enough cashflow to pay Zakat, then you may pay it once the funds are available. Allah knows best.

If you own a rental property, then you only pay Zakat on the rental income you have saved as part of your cash or liquid assets. Do not enter this money in this section.

If you have no intention with a property or fixed asset (whether to sell, keep or rent out) then there is no Zakat on it until your intention changes.
$
Important Note: These business assets can be included in your personal Zakatable assets if you are self-employed and not incorporated. However, if you own (or share) a corporation, then your business assets should not be included in your personal Zakatable assets. Your business Zakat should be calculated separately from your individual Zakat.

Business assets include cash, finished goods, work in progress, raw materials and receivables.

Zakat is due on the wholesale price of your inventory or goods for sale. This is the price placed on your entire inventory in bulk. This amount would be Zakatable.
$

Liabilities and Deductions

Expenses and liabilities that can be deducted from your Zakatable Assets. Liabilities include overdue bills and living expenses and debts that are due with the next year.

These include outstanding or overdue living expenses such as rent payments, utility bills and debts.

For long-term debt, such as mortgages or student loans, only the non-interest or principal portion of the upcoming lunar year's worth of payments can be deducted.

If payments are not being paid on the long-term debt, then the debt is not deducted from your Zakatable assets.

‍Interest payments are not considered deductible liabilities for the purpose of Zakat calculation (whether short-term or long-term). It is recommended to prioritize repayment of all interest-bearing debt.

Note: Your upcoming living expenses not related to debt repayment are not deducted as liabilities. These include upcoming rent payments, bills, food, fees, etc.
$
Remember to only include business liabilities if you are self-employed and not incorporated. If you own (or share) a corporation, then do your business Zakat calculation separately from your personal Zakat calculation.

Note: A period of twelve lunar months or less is considered short-term, while more than twelve lunar months is considered long-term.
$
Calculate Zakat
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Estimated Zakat Due

$

0

Total Assets
$
0
Total Liabilities
$
0
Zakatable Assets
$
0
Nisab
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Gold (85g)
$
x,xxx
Aug 14, 2024 12:04 AM
Silver (595g)
$
xxx.x
Aug 14, 2024 12:04 AM

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Here you will find answers to some of the most frequently asked questions about our organization and its work. We hope that this page will help you learn more about us and how we can help you or your community.
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Can I give Zakat to my family?

When determining whether or not you can give Zakat to a specific family member, consider the following: Do you have any financial obligations towards that person and will you benefit directly or indirectly from the Zakat? If your answer to both questions is yes, it is safe to assume that you should not give them your Zakat.  

For more details about giving Zakat to your family, read our blog post here.  

What is the NZF Canada administration fee?

Our administrative cost is 5% or less. Our policy is to try and cover all our admin costs through non-Zakat donations. Read more about our Zakat Policies here.

Why do we need Zakat in Canada if there's government support?

Not everybody qualifies for government support, and those who do often find it is not sufficient to cover all of their basic needs. For example, a single adult living in Toronto or Vancouver may get $700 – $800 in support each month.

How does NZF Canada assess who is eligible for Zakat?

Those who are seeking Zakat go through a financial assessment process in order to determine if they are qualified to receive Zakat in accordance with the guidelines set by our Shari’ah Advisors. Our team of caseworkers work with each client to ensure that all information is accurate, and the needs of the client can be met through Zakat assistance. Read more about our distribution policies here.

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