Merry Christmas!
This year, I’ve reached the full retirement sum in my CPF Special Account, which is set at $205,800 for 2024. Because of this, I’m unable to make any more voluntary top-ups under the Retirement Scheme Top-Up to snag that tax relief.
You know, there’s a tax relief cap of $8,000 for topping up your own CPF Special Account (SA) or Retirement Account (RA). Plus, you can get another $8,000 in relief if you top up the CPF SA or RA of your loved ones. All in all, that means you could potentially rack up $16,000 in tax relief from cash top-ups, but remember, this includes any contributions you also make to either your own or your loved ones’ Medisave Account (MA).
Earlier this year, I made sure to boost my mom’s CPF RA with an $8,000 top-up, and I also padded my own Supplementary Retirement Scheme account with $15,300. This was all aimed at maximizing my tax relief benefits.
If you’re exploring other ways to save on taxes, consider enrolling in some courses, donating to eligible charities, or topping up your Medisave account.
Noticing that my CPF Medisave Account (MA) isn’t there yet…
