CPF Top up questions

[maple96]

Did u click on the link to read what is there?

Some key extracts to counter your disputes:

"You can make Voluntary Contribution (VC) either to yourself or on behalf of someone else either to:

all 3 CPF Accounts (non-tax deductible); or
MediSave Account only (tax deductible* for recipient only).

You are encouraged to make VC early. All applications and payments should reach CPF Board by 10am of the last working day of the year to enjoy tax relief for the following year’s Tax Assessment and for it to be counted as the year’s CPF Annual Limit.

You can refer to the service standards for processing of VC applications.

If your parent qualifies for tax relief — still working and earning a decent or better income, for example — then you can hand cash to your parent who then uses the cash to top up his/her own MediSave Account for his/her own tax relief.
.

U are wrong, dun expect old uncles/aunties who are immobile and not IT savvy to do it themselves. But u can continue your own views.

And plse read the rest and admit your mistakes and fake info in the other threads that there is not service standards, paynow is not instant, etc, plus the correct cutoff time provided by CPFB!

Yes, and we've been through this. CPF's posted information on that page about MediSave-related tax relief eligibility conflicts with the Income Tax Act as literally written. IRAS is the agency responsible for assessing taxes and calculating tax reliefs, not CPF. Out of an abundance of caution I recommend qualifying for tax relief within the letter of the Income Tax Act, which in this case means handing cash to somebody who then uses the cash to top up his/her own MA for his/her own tax relief.

If something else works in practice, great, fantastic, but the Income Tax Act is quite clear about this particular detail. And if there's ever any tax dispute, you really want to be following what the Income Tax Act requires.

You're now arguing with the Income Tax Act, not with me. I suggest you go read it. I helpfully provided the link.

Great, please do that. To be more precise, please inform the CPFB that that particular information they've posted to their Web site is inconsistent with (or at the very least unclear with respect to) the Income Tax Act as literally written. If, for example, Parliament then decides it wants to amend the Income Tax Act to align with what the CPFB has posted to their Web site, that's their call.

CPF's My Request page does not provide an option to top up another person's MA or CPF. So either there's another way to do it that I'm not seeing, the FAQ is mistaken, or the FAQ is meant to be read "...by passing the money to your recipient and they do it themselves"

U are telling forumers here that CPFB website provides fake info on IRAS related info.

I will report to CPFB then.

I will quote all your posts and submit to CPFB.

Including your fake news in the other thread where u claimed multiple times that CPFB do not have service standard for Medisave voluntary contribution using Paynow.

BBCW and tangent314 should stop spreading fake news here. Hwz pls take necessary action.

Reply from CPFB:

The Voluntary Contribution (VC) to Medisave Account (MA) scheme is intended as a scheme for making contribution to the member’s Medisave Account by himself or by another person on his behalf. Due to this reason, the tax relief is attributable to the recipient only. With regards to the service standards on Voluntary Contributions (including VC to MA), it can be found on our CPF website here.

IRAS will automatically allow the CPF relief based on the contribution records transmitted by the CPF Board.

 

[Okenba]

Some people damn free

 

[BBCWatcher]

Maple96, you haven't posted a link to anything authoritative. If you received an e-mail purportedly from the CPF Board (we have no way of knowing), great.

I'll repeat what I wrote:

Yes, and we've been through this. CPF's posted information on that page about MediSave-related tax relief eligibility conflicts with the Income Tax Act as literally written. IRAS is the agency responsible for assessing taxes and calculating tax reliefs, not CPF. Out of an abundance of caution I recommend qualifying for tax relief within the letter of the Income Tax Act, which in this case means handing cash to somebody who then uses the cash to top up his/her own MA for his/her own tax relief.

If something else works in practice, great, fantastic, but the Income Tax Act is quite clear about this particular detail. And if there's ever any tax dispute, you really want to be following what the Income Tax Act requires.

(Emphasis added.)

It's entirely possible both IRAS and the CPF Board, in practice, are more generous than the Income Tax Act allows as literally written. That's perfectly OK, even lovely; they can do that unless Parliament objects. Obviously I allowed for that possibility, or even likelihood, in what I wrote above. Nonetheless, I continue to recommend hewing to the Income Tax Act as literally written.

There is no controversy or dispute here.

 

[maple96]

Maple96, you haven't posted a link to anything authoritative. If you received an e-mail purportedly from the CPF Board (we have no way of knowing), great.

I'll repeat what I wrote:


(Emphasis added.)

It's entirely possible both IRAS and the CPF Board, in practice, are more generous than the Income Tax Act allows as literally written. That's perfectly OK, even lovely; they can do that unless Parliament objects. Obviously I allowed for that possibility, or even likelihood, in what I wrote above. Nonetheless, I continue to recommend hewing to the Income Tax Act as literally written.

There is no controversy or dispute here.

U can do what u like, because u are excessively kiasu to cya, I am just doing my part to update the MM forumers. It is up to all to believe what they want.

Anyway, many are doing topups using the online service provided by CPFB, we all can see their feedback in this thread.

End of discussion on this topic with u. I have done what I want to do.

(U also can write in to get your own official reply)

 

[tangent314]

Some people damn free

Obviously. I mean, I posted 3 possibilities of which I believe one of the 3 has to be true. So it turns out the first one was true, and he chooses to highlight the 3rd one and scream "fake news".

Apparently someone doesn't understand the meaning of the word "or"

 

[maple96]

Some people damn free

We should stop fake news from spreading and do harm to others, unless u are telling me u "endorse" or believe the fake news and so free to make this post

 

[maple96]

Obviously. I mean, I posted 3 possibilities of which I believe one of the 3 has to be true. So it turns out the first one was true, and he chooses to highlight the 3rd one and scream "fake news".

Apparently someone doesn't understand the meaning of the word "or"

Oops u are a Hwz moderator, which hat are u wearing now?

Immediately after your post which showed your ignorance, many forumers posted to teach u the correct way to do it, and u "disappeared".

This is not the first time u strongly support BBCW's motion on this topic, dun try to deny! I am not free nor interested to dig out your previous endorsement of the fake news.

When moderators get themselves so deeply engrossed in the discussions, how do they wear their moderator hat effectively? Personal over business?

 

[henrylbh]

Maple96, you haven't posted a link to anything authoritative. If you received an e-mail purportedly from the CPF Board (we have no way of knowing), great.

I'll repeat what I wrote:


(Emphasis added.)

It's entirely possible both IRAS and the CPF Board, in practice, are more generous than the Income Tax Act allows as literally written. That's perfectly OK, even lovely; they can do that unless Parliament objects. Obviously I allowed for that possibility, or even likelihood, in what I wrote above. Nonetheless, I continue to recommend hewing to the Income Tax Act as literally written.

There is no controversy or dispute here.

I guess what he is contending is not tax relief but your statement that 'in this case means handing cash to somebody who then uses the cash to top up his/her own MA for his/her own tax relief'

For that, he quoted -

"You can make Voluntary Contribution (VC) either to yourself or on behalf of someone else either to ……"

That means, it's cumbersome if not misleading to say handing cash to somebody ……

And you further cloud the issue with CPF and IRAS possible practices in so many words?

 

[lifeafter41]

Oops u are a Hwz moderator, which hat are u wearing now?

Immediately after your post which showed your ignorance, many forumers posted to teach u the correct way to do it, and u "disappeared".

This is not the first time u strongly support BBCW's motion on this topic, dun try to deny! I am not free nor interested to dig out your previous endorsement of the fake news.

When moderators get themselves so deeply engrossed in the discussions, how do they wear their moderator hat effectively? Personal over business?

Quick question.....is the moderator being paid?
Drawing a salary perhaps?.......lol

 

[newjungle]

11 Jan already, time to TOP up MA by $2,800

 

[Project_Xco]

So what happens after you top up and max out your SA? What do you guys do next? Can you transfer your OA to your wife's SA to max out her SA?

 

[crimsontactics]

So what happens after you top up and max out your SA? What do you guys do next? Can you transfer your OA to your wife's SA to max out her SA?

Yes. Or transfer to MA.

Sent from Samsung SM-N960F using GAGT

 

[decibel.]

Well if your wife runaway you can't claim back your cpf transfered there though. I rather do for parents cos they deserve it.

Sent from HUAWEI VOG-L29 using GAGT

 

[Project_Xco]

Thanks for the replies.

Okay, can I transfer my OA to wife SA if she is still working?

 

[BBCWatcher]

Okay, can I transfer my OA to wife SA if she is still working?

Sure, no problem.

 

[Project_Xco]

Sure, no problem.

Thanks bbc, appreciate.

 

[cal3135]

hi, yes can xsfer your bal OA to spouse, helping her to reach FRS sooner

U may also consider,
•tgt RA to ERS
•max own MA to BHS for tax relief
•7k cash to spouse SA for tax relief

So what happens after you top up and max out your SA? What do you guys do next? Can you transfer your OA to your wife's SA to max out her SA?

🍎xsmax HardwareZone Forums app

 

[Project_Xco]

hi, yes can xsfer your bal OA to spouse, helping her to reach FRS sooner

U may also consider,
•tgt RA to ERS
•max own MA to BHS for tax relief
•7k cash to spouse SA for tax relief

🍎xsmax HardwareZone Forums app

Yeap, all in the plan. I reach FRS first then use my monthly OA (from salary) to transfer to her SA. Hopefully, there's no minimum amount imposed per transfer. Thank you.

 

[kaya123]

Can i transfer from OA to MA?

 

[maple96]

Can i transfer from OA to MA?

Yes only if u are above 55, and SA will be emptied first followed by OA.