ZAKAT ON GOLD

We pulled the latest price for an Ounce of Gold in Canada. You can change this value if you are in another country. To get your local Gold prices, Click Here
Estimated Value of any other Gold you own (which doesn't fit into the gold categories above). Ie Gold Bar at 10K etc
$0.00

ZAKAT ON PRECIOUS STONES

Example: Diamonds, Rubies Etc
Example: Household Silver Utensils, Artefacts, and Jewelery. To get the latest value of Silver, click here.
$0.00

ZAKAT ON ASSETS

If you own more then 1 house, or if you own real-estate for investment purposes (including providing a home for rent to tenants) then fill out the current market value of all real-estate except the home you live in.
Example: You own 2 homes, 1 to live in, 1 for business. The business house has a value of $200,000, then enter into this box: $200,000.
If you own more cars then the number of drivers in your home, or if you own luxury vehicles, then provide the current market value of all the extra cars. You can use a service like blue book or grey book to determine their resale value.
Example: 2 drivers in your home, you own 3 cars. The third car is a luxury mobile you use for summer driving, valued at $45,000. Then enter $45000 into the box.
Any other luxury transportation asset that is not required for your daily usage.
Examples: Vacation Boat, Airplanes etc.
$0.00

ZAKAT ON CASH AND SAVINGS ACCOUNTS

The amount of cash you have on hand (In your wallet and home at the time of Zakat Calculation)
The sum bank balance of all bank accounts.
$0.00

ZAKAT ON LOANS

Zakat is required on Loans you have given. A Zakat Deduction is made for Loans you have recieved. This includes loans from the Bank, friends, credit card balances and Lines of credit. Take the current value of your loans the day of the Zakat calculation.
Example:Loan from your friend recieved in 2013: $2000. You paid some of it off in 2014. Loan Value in 2014: $1400. Enter $1400 in the "Loans Recieved" box below

If you have Loaned money to others, then you must pay Zakat for that amount, if you are expecting the loan to be repaid. (As this is income you will incur in the future). Enter the remaining balance here.
The sum current value of any outstanding loans you hold with a bank or any personal loans you've recieved (from friends / family). Do not include your Mortgage (Mortgage Loan is not applicable as a Zakat Deduction).
Your Credit Card balance is deductible, as it is a loan you have recieved. Enter the sum of all credit card balances.
Current Balance of your Line of Credit or the balance from your last monthly statement.
Sum of all remaining Bank Balances. Example Car financing etc.

ZAKAT ON INVESTMENTS

Zakat is payable on investments. For something to be considered an investment (ie trade commodity), a clear and firm intention of it being so needs to be present at the time that good is purchased. Take the market value of all investments on the day of Zakat calculation.
Example:Stock Value in 2013: $2000. Stock value in 2014: $1400. Enter $1400 in list below

The Mutual Funds category includes Registered Retirement Savings Plan's (RRSP), 401k's(US), Mutual Funds, and any other type of Investment vehicle that trades in diversified holdings and is professionally managed.
This category includes all stock holdings in Margin, Company Stock, Tax-Free Savings Accounts(TFSA) or other types of Equity Accounts. Zakat will be due on the market value of all shares at the time one is paying Zakat.
Example: An individual purchased a share for $10 with the primary intention of selling it in the future. This is now considered a trade good and therefore Zakat will be due on it. On the day Zakat is due, the value of the share is $20. Zakat will now be due on $20, not $10.
Government bonds, Government Security Deposits, ADRs, etc and any other type of Bond. (This is not a verdict on the permissibility of Bonds, rather only the Zakaat requirements on it)
Registered Educational Savings Plans are zakatable, as it is a source of tax-deferred income.
This category includes your company Pension fund, Locked-In RRSP's, and other retirement only investments. Zakat is required on any account where you will gain access to the income at a later date. Even if the fund is locked until you retire, you are still required to pay Zakaat on the held amount.
Land bought with the primary intention of being a trade good at the time of purchase, is considered a zakatable-asset. Take the current market value of the Real-Estate on the day of Zakat calculation.
Example:You bought 2 acres of land 7 days ago for investment, for $10,000. Today ( 7 days later ) it is worth $11,000. Use $11,000 as Land's Current Value in the Investment Land (Real-estate)
$0.00

ZAKAT ON BUSINESS

Also applicable for those that work as independent contractors.

Any loans the business is holding
Include outstanding Credit Card balance, and any outstanding Line of Credit the business holds.
Credit taken from suppliers for stocking goods
$0.00

ZAKAT ON SHARE IN PARTNERSHIP FIRMS

$0.00

ZAKAT ON AGRICULTURAL PRODUCE

For Agricultural Zakat, it is recommended to discuss with Shaykh Faisal the specifics. Please use the Zakat Calculator in this scenerio as an estimate only. There are many scenerio's that are not captured here.

Zakat @ 10% of product (crop) in Value or Kind
Zakat @ 5% of Produce (crop) in Value or in Kind
Zakat @ 7.5% of the Produce Value or in Kind
Zakat @ 1 Animal or Bird PER 40 either in Kind or Value of the same.
$0.00

MISCELLANEOUS

$0.00

Totals

2017-10-20 08:49:08
$4,893.72
$0.00
$0.00
You can pay your Zakat to the Islamic Forum of Canada.
Please click the PayPal button and specify the Zakat amount for payment.
 

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Help Pages on Zakat
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For further Help on Zakat, or this website, contact munawar@munawarali.com