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| Paying Zakat on RSP & RESP |
Question:
Do we need to pay zakatul maal (money) on our RSP account and my kids RESP? The money in these accounts are invested in the stock market, which means the value is variable every day. Could you please let me know as soon as possible?
Answer:
Praise be to Allah.
Yes, you need to pay Zakah on both. They pare savings owned by you for whatever purposes they are designed for. The Zakah is due on them at the end of every lunar year at the rate of 2.5% of the market value on the day when Zakah is due.
The first lunar year begins on the day you acquired Nisab (adding these and other asset you have together) which is $1500. You have a choice of either paying the due amount of Zakah from other sources when it is due or delaying it, without sin, so that you pay all past due amounts when you liquidate any funds from these saving plans.
Allah Almighty knows best.
Dr. Monzer Kahf
Question Date: 2011-08-29
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