Happy Lunar New Year!
I topped up $3k into my mum’s CPF Retirement Account today.
The transaction and RA account balance are updated instantly in my mum CPF statement.
In my CPF Retirement dashboard, my tax relief is also reflected instantly.
Let me share 5 great reasons why CPF Retirement Account top up can be great ang baos.
1. Tax Relief For personal financial objective, we could enjoy tax relief of up to $8k per calendar year for topping up our parent’s CPF Retirement Account under the Retirement Sum Top Up (RSTU) scheme. Assuming a tax bracket at 11%, a relief of $8k will save $880 of individual income taxes in cash, which is a rather big Ang Bao to ourselves. The tax relief is also applicable to family members such as parents-in-law, grandparents, grandparents-in-law, siblings and…
