Do I pay Zakāt on my TFSA?
A TFSA is really just a wrapper, so what matters is what sits inside it. If it holds cash, you count the full amount. If it holds shares you are keeping for the long term, you apply the same zakatable ratio you would use for any long term investment. Because the money is easy to reach, nothing about the account itself lowers what is due.
Where the schools differ
Is Zakāt due while the money is still locked away?
| Position held by | Ruling |
|---|---|
| Ḥanafī | Due each year on the zakatable proportion, even while locked. |
| Mālikī · Shāfiʿī · Ḥanbalī | A precautionary view: nothing due until the money can be withdrawn. |
The calculator marks which position produced your figure and lets you change it. See our method.
Positions differ. Confirm with your scholar.
Open the calculator at Retirement →
Where this comes from
Zakat Made Easy, Mufti Faraz Adam: the position this app follows, used with the author's permission.