CDA account confusion

[godbox]

Hi guys, I'm quite confused about the dollar to dollar matching of the CDA account. I know Govn will match up to $6k in your CDA account till your child is a certain age (7, I think?) ...but I'm unsure as to what exactly that means.

Does that mean Govn will match up to $6k in total until my child reaches 7? Or does that mean Govn will match only up to $6k each time you top your CDA account?

Let's say my child's preschool fees is $1k a month. I can top up $500 in his CDA account and the Govn will top another $500.

Can I do this indefinitely very month? Or can I only do it until the Govn's matching amounts have reached $6k? In other words, I can only do this for 12 months? (500 x 12 months = $6000)

Hope someone can clear up my confusion!

 

[hwmook]

Hi guys, I'm quite confused about the dollar to dollar matching of the CDA account. I know Govn will match up to $6k in your CDA account till your child is a certain age (7, I think?) ...but I'm unsure as to what exactly that means.

Does that mean Govn will match up to $6k in total until my child reaches 7? Or does that mean Govn will match only up to $6k each time you top your CDA account?

Let's say my child's preschool fees is $1k a month. I can top up $500 in his CDA account and the Govn will top another $500.

Can I do this indefinitely very month? Or can I only do it until the Govn's matching amounts have reached $6k? In other words, I can only do this for 12 months? (500 x 12 months = $6000)

Hope someone can clear up my confusion!

Its actually very simple, gov will give you max $6k for the whole 7 years, can understand? Gov never use the wordings each time, I don't know how you derive that.

 

[dork32]

Hi guys, I'm quite confused about the dollar to dollar matching of the CDA account. I know Govn will match up to $6k in your CDA account till your child is a certain age (7, I think?) ...but I'm unsure as to what exactly that means.

Does that mean Govn will match up to $6k in total until my child reaches 7? Or does that mean Govn will match only up to $6k each time you top your CDA account?

Let's say my child's preschool fees is $1k a month. I can top up $500 in his CDA account and the Govn will top another $500.

Can I do this indefinitely very month? Or can I only do it until the Govn's matching amounts have reached $6k? In other words, I can only do this for 12 months? (500 x 12 months = $6000)

Hope someone can clear up my confusion!

yes for all, except the last question. you can top up as much as you like. garmen will top up a max of 6k

 

[godbox]

Its actually very simple, gov will give you max $6k for the whole 7 years, can understand? Gov never use the wordings each time, I don't know how you derive that.

No need to be snarky la! I'm just confirming

Anyway this means based on my example, I'll only be able to use the CDA account for 1 year! It sounded a little strange..that's why I asked...

 

[chuanz]

For CDA best is dump in at least $6k as early as possible so that get the max matching. CDA interest rate not too shabby you know.

 

[anfielder]

No need to be snarky la! I'm just confirming

Anyway this means based on my example, I'll only be able to use the CDA account for 1 year! It sounded a little strange..that's why I asked...

you can use it as a transactional account (i.e. to pay childcare & school fees) for a long time. just that the matching stops at $6k.

 

[xersion]

The matching of 1:1 up to 6k is by monthly...

This month u put in $1 next month they will match... If ur rich enough just bank in 6k and they will match it the following month..

Sent from Xiaomi MI 4I using GAGT

 

[finclk82]

CDA interest rate is now 2%. better to leave the money in there to collect interest rather than use it for childcare and stuff.

Of course only if you can afford to.

 

[dork32]

CDA interest rate is now 2%. better to leave the money in there to collect interest rather than use it for childcare and stuff.

Of course only if you can afford to.

so smart. cpf interest is 2.5%. we should put money into our own cpf.

 

[SCG8866T]

so smart. cpf interest is 2.5%. we should put money into our own cpf.

Lhl on Ndp rally said retirement age is extended to 67 does that mean cpf sa annuity withdrawl now starts at 67?

 

[lzydata]

Lhl on Ndp rally said retirement age is extended to 67 does that mean cpf sa annuity withdrawl now starts at 67?

No it is still 65. Duh.

 

[anfielder]

Lhl on Ndp rally said retirement age is extended to 67 does that mean cpf sa annuity withdrawl now starts at 67?

Re-employment age is not the same as retirement age.