Five Major Benefits To Save Our Mosque:
I- “Whoever builds a Mosque for the Sake of Allah, Allah will build for him a mansion in Paradise”. (Bukhari and Muslim)
II- Secure the house of Allah where Athan is called five times a day in a most needy location, Insure the continuity of the Islamic classes and lectures offered to our community and especially to our Youth who are more sensitive to a hostile environment
III- All the board members are volunteers for the sake of Allah, in addition no payroll expenses has been ever charged since the establishment of the center. We strive to keep the center expenses the lowest possible and use the donations for the purchase of the building.
IV- We would like to emphasize that Alqalam Islamic Center is a Registered Charity and we encourage all of you to ask for your Tax receipts. Please keep in mind that a Tax receipt grants the right to claim your non- refundable Tax credit and get a potential Tax return, you can also carry forward your donations up to 5 years *:
– About 20.5% (Federal and Ontario Combined) out of your first $200 donation
– About 40.16% (Federal and Ontario Combined) of the amount of donation that exceeds the first $200
Let’s demonstrate how much Tax all of us are supposed to pay and could potentially get it back if we claim our Tax Credit assuming that you have Tax payable:
Assuming that 770 families donate $1000 each towards the purchase of Masjid;
* For the first $200 of the donations, the potential return can goes up to
770*$200*20.5%= $31,570.00 (1)
* Beyond the first $200 ($1000 – $200 = $800) the potential return can goes up to
700*$800*40.16%= $247,385.60 (2)
If we all claim our right, the potential amount of tax that could be saved by the community is
(1)+ (2) = $31,570.00+$247,385.60 = $278,955.60
Yes the cost of the building is $770,000.00
But if we strive to claim our donations;
Securing the House of Allah will potentially cost us ONLY$491,045.00
($770,000.00 – $278,955.60 = $491,045.00)
V- Financial Independence
· The Owner is selling the whole building that comes with Three Units and parking spots:
– Our current premises – Unit 344 ‘Basement and main floor’ Rent/Month: $1528
– Two Apartments upstairs: Unit 1 Rent/Month $750 and Unit 2 Rent/Month: $800
– The purchased building has also main floor and basement plus Seven parking spots
Total Annual Rental Income:
* The Annual income of three unites is $18,600.00; in addition the purchase will save to our Islamic Center $18,366.00 worth of annual rent charges.
* It`s like you are generating a total of $36,936.00 of revenues.
We will be looking forward to pay off the balance owing and pay back (Quard Hassan), afterward we will focus on extending our Islamic Center and Services Insha`Allah.
* Please note that the above calculations are provided as an example only, it represents general information and they are based on some specific assumptions, therefore AICC can not be held liable for any of the information listed above. Please contact CRA or your Accountant to inquiry about your personal account donation non refundable tax credit.