It’s that time of year when tax season rolls around again, and like any diligent Singaporean, I’ve taken a close look at my tax relief options. By strategically using the government-approved relief schemes, I’ve managed to reduce my taxes by about $4,000, while also boosting my savings.
Let me share how I accomplished this.
- Child Relief – $12,000
All three of my kids are under 16 (yes, three of them!) which makes us eligible for the Qualifying Child Relief (QCR). This provides a $4,000 relief per child, so that’s a significant $12,000 deduction off my taxable income. As a parent, this tax relief is certainly appreciated, though it comes with its own set of joys and challenges. But don’t worry if this isn’t applicable to you, there are more options to explore.
- CPF Top-Ups – $11,000
I took advantage of the opportunity to make voluntary top-ups to my CPF
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By focusing on these strategies, not only can you potentially reduce your tax burden, but you can also pave the way for a financially secure future.
