CPF Easy Info Thread. :)

[henrylbh]

That I dun worry, he is forgetful, most likely he will totally forget abt it

But thanks

the only drawback is there is no tax relief

Your father may appear sotong to you or he acts blur

My father at 65 had zero RA and I topped up his account 7k for tax relief without telling him. He quietly went to request for payout, though I have been giving him regular monthly allowance. His RA ran dry in less than 3 years.

At 80, somehow he had about $4k in his OA and he again quietly went to made a request to withdraw all of it

At 81, I again topped up his RA and this time, he 'forgot' how to withdraw May be he had enough from the withdrawal at 80 or dementia creeping in

Between 86 and 89, I transferred a total of $162k from my OA to his RA and he kept complaining to me how come government does not allow him to withdraw all his CPF

 

[candy crush]

Your father may appear sotong to you or he acts blur

My father at 65 had zero RA and I topped up his account 7k for tax relief without telling him. He quietly went to request for payout, though I have been giving him regular monthly allowance. His RA ran dry in less than 3 years.

At 80, somehow he had about $4k in his OA and he again quietly went to made a request to withdraw all of it

At 81, I again topped up his RA and this time, he 'forgot' how to withdraw May be he had enough from the withdrawal at 80 or dementia creeping in

Between 86 and 89, I transferred a total of $162k from my OA to his RA and he kept complaining to me how come government does not allow him to withdraw all his CPF

Your father confirm plus chop dun have dementia Maybe before u put money to him, let him know DUN WITHDRAW the money

My father is really very forgetful man, I suspect he got dementia

 

[a4973]

https://forums.hardwarezone.com.sg/eat-drink-man-woman-16/serious-question-you-think-your-cpf-oa-sa-will-have-same-interest-rate-6232578.html
Saw this in edmw, discuss here if worthwhile.

 

[BBCWatcher]

Saw this in edmw, discuss here if worthwhile.

It's not really worthwhile.

CPF's floor interest rates were fully respected throughout the Global Financial Crisis. It's reasonable to assume that a crisis that ends up decreasing CPF floor interest rates will have to be more serious than the Global Financial Crisis. However, in that unlikely event, you'll still be very, very happy with CPF's new floor interest rates since the rest of the financial world will be extra weird and mostly awful, with ample amounts of Singapore dollar deflation.

Of all the things to worry about, this one is the least worrisome.

 

[candy crush]

https://forums.hardwarezone.com.sg/eat-drink-man-woman-16/serious-question-you-think-your-cpf-oa-sa-will-have-same-interest-rate-6232578.html
Saw this in edmw, discuss here if worthwhile.

Thank for sharing

 

[candy crush]

Hi all that day I email the CPF, ask about housing refund to his OA.

That is the reply I got from them

The refund will be credited to your father's Ordinary Account (OA) for the principal amount used and the accrued interest.
If he has used his Special Account (SA) savings towards the housing instalment payment, the amount used plus the accrued interest will be refunded into his SA and cannot be re-used for the purchase of other properties under the CPF Housing Schemes.

The problem is all the while my father only use his OA for his monthly payment, I check the statement.

Just now I do a refund of $2000, I realise the money went into my father SA instead of OA

why is this so uh? I already email CPF and asked them

 

[henrylbh]

Hi all that day I email the CPF, ask about housing refund to his OA.

That is the reply I got from them



The problem is all the while my father only use his OA for his monthly payment, I check the statement.

Just now I do a refund of $2000, I realise the money went into my father SA instead of OA

why is this so uh? I already email CPF and asked them

Immediately write in to say you made in mistake and that it was you who deposited put your money and wanted it as a top up to his RA to claim relief.

Else say you mistook that his money in his OA will be reserved housing installments.

As mentioned earlier, your father is subject to rules pertaining to his cohort. If he did not meet his min sum at age 55, one of the rules is that part of OA/SA will be transferred to RA .... I think it's 50% or all new money will be moved to RA, unless he has made arrangement for OA to be withheld for housing.

I expect that after all the findings, you would top up his RA rather than refund his housing loan. I have suggested that all his OA be moved to RA before you actually top up, as the monthly payout from RA would be enough to meet the monthly installment until RA is exhausted.

 

[candy crush]

Immediately write in to say you made in mistake and that it was you who deposited put your money and wanted it as a top up to his RA to claim relief.

Else say you mistook that his money in his OA will be reserved housing installments.

As mentioned earlier, your father is subject to rules pertaining to his cohort. If he did not meet his min sum at age 55, one of the rules is that part of OA/SA will be transferred to RA .... I think it's 50% or all new money will be moved to RA, unless he has made arrangement for OA to be withheld for housing.

I expect that after all the findings, you would top up his RA rather than refund his housing loan. I have suggested that all his OA be moved to RA before you actually top up, as the monthly payout from RA would be enough to meet the monthly installment until RA is exhausted.

yup but I dun understand why it didnt refunded to his OA...shld refund to his OA

 

[henrylbh]

yup but I dun understand why it didnt refunded to his OA...shld refund to his OA

He did not meet the min sum at age 55 should be the main reason. Even then not all should go into RA as I remember only 50% should go RA for his batch unless CPFB consider all new money including refund will go into RA to meet the min sum of his cohort.

But then, it's strange to me that he is still having 3k plus in his OA.

 

[candy crush]

He did not meet the min sum at age 55 should be the main reason. Even then not all should go into RA as I remember only 50% should go RA for his batch unless CPFB consider all new money including refund will go into RA to meet the min sum of his cohort.

But then, it's strange to me that he is still having 3k plus in his OA.

If that is that is a case

there is currently no way for me to top up his CPF OA specifically right?

* Ok got the dulan reply from CPF (I called them)

1) They say my father could have use SA to pay for housing loan, that why now refund will refund to his SA, I ask them can I just withdraw or not, he say write in and try to appeal(Fk you man...)

2) ask him can transfer for SA to OA or not, he say CANNOT, cos above 55 (Fk you man...)

3) ask him can just purely TOP UP OA or not, cos I need it to pay housing loan, he say CANNOT, unless do vc (Fk you man...)

He advise me to just pay HDB using CASH which is defeating the purpose

then my father $2000 now have to withdraw out (wtf man) and pay using cash monthly to CPF.. FK man, why cannot use SA for housing loan...

 

[henrylbh]

If you not satisfied with answers, write in immediately as mentioned earlier or chance of ratification may be lesser.

 

[dork32]

3) ask him can just purely TOP UP OA or not, cos I need it to pay housing loan, he say CANNOT, unless do vc (Fk you man...)

this is again wat i meant. cpf officer is lost. dad has used cpf to pay for the house. you can always refund this portion back into cpf oa.

candy crush is also lost. cpf officer in right is suggesting pay cash.
case 1
put 400 in oa from savings. bank deduct 400 from cpf.
case 2
400 remains in savings, bank deduct 400 for savings, any difference?

 

[henrylbh]

3) ask him can just purely TOP UP OA or not, cos I need it to pay housing loan, he say CANNOT, unless do vc (Fk you man...)

this is again wat i meant. cpf officer is lost. dad has used cpf to pay for the house. you can always refund this portion back into cpf oa.

candy crush is also lost. cpf officer in right is suggesting pay cash.
case 1
put 400 in oa from savings. bank deduct 400 from cpf.
case 2
400 remains in savings, bank deduct 400 for savings, any difference?

candy crush is lost yes, but not the CPF officer.

Cannot purely top up OA for whatever the purpose. He can only VC (to all 3 accounts) and/or top up RA.

 

[henrylbh]

1) They say my father could have use SA to pay for housing loan, that why now refund will refund to his SA, I ask them can I just withdraw or not, he say write in and try to appeal(Fk you man...)

If that is the case, then what's your problem (except no tax relief) CPF is doing the right thing (which I did not expect). That's better than you 'topping up' his OA.

 

[candy crush]

If that is the case, then what's your problem (except no tax relief) CPF is doing the right thing (which I did not expect). That's better than you 'topping up' his OA.

okkk thankk i will send some email

 

[candy crush]

I want to restrict my father access to cash as much as possible...you guys wun understand one.... it is okay

 

[henrylbh]

okkk thankk i will send some email

Must confirm that his SA can be used for housing. If yes, leave matter at that, unless you wanna claim tax relief for money deposited in SA instead of now OA moved to SA.

But unlikely you can top up his SA as he is above 55 and can only top up his RA.

So what CPF did is for his best interest.

 

[henrylbh]

1) They say my father could have use SA to pay for housing loan, that why now refund will refund to his SA, I ask them can I just withdraw or not, he say write in and try to appeal(Fk you man...)

He has OA. You should also ask whether he can transfer his current OA to SA if SA can be used to pay for housing or whether he can withdraw all his OA and then recycle (via refund of cpf used for housing) into SA to pay for housing.

 

[dork32]

candy crush is lost yes, but not the CPF officer.

Cannot purely top up OA for whatever the purpose. He can only VC (to all 3 accounts) and/or top up RA.

who says about vc? i am tokking about returning to his oa for property withdrawal. i have been doing that for years. you did not do does not mean other people cannot do.

also henry is lost.

 

[henrylbh]

who says about vc? i am tokking about returning to his oa for property withdrawal. i have been doing that for years. you did not do does not mean other people cannot do.

also henry is lost.

Say what you want

You have done refund, so have I. But candy crush's father's case is different as he is under old scheme and I have already mentioned that. And I am not talking about VC the way you understood.

He already said the refund went in SA instead of OA .

Just now I do a refund of $2000, I realise the money went into my father SA instead of OA

why is this so uh?