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Question: What is the Nisaab (zakatable) amount to take into consideration in Toronto when calculating Zakat on cash and on gold jewelry?
Answer:

The nisaab for gold jewelery is 85 grams; it is the same for cash; so if you have in your possession 85 grams of gold jewelry (18 carat) or more you should pay zakah on it unless you are normally wearing them. If, however, you are wearing them then you don’t need to give zakah; but it is still considered highly recommended for you to give something as charity if you are not giving zakah on it.

If, on the other hand, you are not wearing the jewelry at all, but rather you are keeping it as a saving, then you ought to pay zakah on it at the rate of 2.5 percent of its estimated value. The way to go about it is this way: Every year you ought to get the jewelry appraised and estimated, and thus you must calculate the exact amount of zakah due on it, at the rate of 2. 5 percent.

The nisaab for cash is the nisaab for gold according to the preferred view of scholars; so you are eligible to give zakah if you have in your possession cash of $1700.00 Canadian dollars or more: This is the estimated value of 85 grams of gold according to today’s market value.

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