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Yvette says 12 years ago
If I top-up my own CPF a/c, will I be eligible for deferred income tax when the time comes for me to withdraw the CPF money, something like what SRS does ?
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Extension of Tax Reliefs for CPF Cash Top-up Scheme
Come January 2013, you will be eligible to clam tax relief for cash top-ups made to the CPF accounts of your parents-in-law and grandparents-in-law.
Currently, the scheme allows for a tax relief of up to $7000 for cash top-ups made to either your immediate family members which includes one’s spouse, siblings, parents and grandparents. Top-ups using the money in one’s Ordinary Account is not entitled to the tax relief.
Note: To qualify for tax relief for cash top-ups for spouse/siblings, spouse/siblings must not have annual income exceeding $4,000 in the year preceding the top-up (e.g. salary or tax exempt income such as bank interest, dividends and pension) or is handicapped.
A person is also eligible to a tax relief of up to $7000 for cash top-ups to his or her own CPF account.