How do I calculate Zakat on my retirement savings? RRSP and TFSA?

On both of these funds your investment meets the requirement of access and liquidity:

1.  Access - can you get access to your funds if you wanted to on your Zakat payment date? Depending on the answer you may or may not be liable to pay Zakat. 
2. Liquidity - this is the second matter that needs to be considered when investment assets are involved. 

In most cases, you do have access to RRSP/TFSA funds and therefore you will count these assets towards your Zakat calculation on the value they have on your Zakat payment date. 

In the case of RRSP you can also deduct withdrawal tax. So you will calculate your Zakat on the net amount. 

For example, an RRSP fund contains $100,000.
 
Should you withdraw today, your withdrawal tax would be 30% of the fund equalling $30,000. Therefore, you will calculate Zakat on $70,000 (RRSP-value minus penalties and taxes).

Withdrawal taxes are as follows:

• 10% (5% in Quebec) on amounts up to $5,000
• 20% (10% in Quebec) on amounts over $5,000 up to including $15,000
• 30% (15% in Quebec) on amounts over $15,000

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