About CPF voluntary Topup

[SGsellall]

Hi all, I am thinking of topping up some cash in my cpf account but I'd like to have a better understanding of the breakdown of funds. Pls advise based on this scenario, cheers.

Topping up $1000 means (23/ 36) X 1000= 638.89 in OA?
Remainder of 361.11 in SA and RA?

 

[Aerial86]

Hi all, I am thinking of topping up some cash in my cpf account but I'd like to have a better understanding of the breakdown of funds. Pls advise based on this scenario, cheers.

Topping up $1000 means (23/ 36) X 1000= 638.89 in OA?
Remainder of 361.11 in SA and RA?

Hi, if I am not wrong, you will be able to choose exactly which account you want to top up and the full sum goes into it. You can enjoy tax relief from it too.. Please correct me if I made a mistake.

 

[lzydata]

What do you know, CPF has a calculator to answer your question:

https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/vc/contribution.asp

But please note that voluntary contributions to all 3 accounts are not entitled to tax relief. Only two types of cash voluntary contributions are entitled to tax relief:

1. VC to Medisave account only
2. VC to own or others' SA/RA provided it has not met the Minimum Sum i.e. the Minimum Sum Top-up Scheme

http://mycpf.cpf.gov.sg/NR/rdonlyre...tAccountundertheMinimumSumToppingUpScheme.pdf

 

[SGsellall]

What do you know, CPF has a calculator to answer your question:

https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/vc/contribution.asp

But please note that voluntary contributions to all 3 accounts are not entitled to tax relief. Only two types of cash voluntary contributions are entitled to tax relief:

1. VC to Medisave account only
2. VC to own or others' SA/RA provided it has not met the Minimum Sum i.e. the Minimum Sum Top-up Scheme

http://mycpf.cpf.gov.sg/NR/rdonlyre...tAccountundertheMinimumSumToppingUpScheme.pdf

The info provided is very useful. Much appreciated!