Martin Lee @ Sg
Sharing is Caring!

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.

Leave a Comment:

Yvette says 11 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 ?

    Martin Lee says 11 years ago

    Dear Yvette,

    CPF withdrawal would not be taxed.

Add Your Reply