CPF Questions (minimum sum)

tangent314

tangent314

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Gamma~ said:
I am a salaried employee without bonus, under 55. I have been doing $7k SA top up and (balance of $37740) for MA top up for the purpose of tax relief every year.

Now that my MA has reached $54.5k (will top up $2.7k soon), does it mean i have no other mean to top up for tax relief already?

No grandparents/parents/siblings/spouse here.
Click to expand...


Only thing remaining is SRS.
 
C

Calthron

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You can top up lesser amount if you receive contribution to SA. So lesser tax relief. And if wait longer, with more contribution to SA, you might end up having more than FRS in SA. At this point, we can't make top up to SA.

djchris said:
What’s the difference if done after the contribution came in?
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S

shaowei14

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Sorry, but I don't understand how RSTU is still possible when SA has reached FRS?

Won't the preceding year interest generated from the FRS (SA) breach the new FRS limit for the coming year?
 
kehyi4

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doremi_ said:
Oh thought contribution needs to be done by Dec 31st? Still can top up for last year's tax relief?
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Nope, last year's tax relief is gone, over, finished, 关店了, on 31 Dec 2018. I think he's talking about this year's tax relief
 
J

JuniorLion

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Gamma~ said:
I am a salaried employee without bonus, under 55. I have been doing $7k SA top up and (balance of $37740) for MA top up for the purpose of tax relief every year.

Now that my MA has reached $54.5k (will top up $2.7k soon), does it mean i have no other mean to top up for tax relief already?

No grandparents/parents/siblings/spouse here.
Click to expand...

tangent314 said:
Only thing remaining is SRS.
Click to expand...

You can donate to charity which are listed in the IPC. $1 donation will give you $2.50 tax relief. Simply donating $10k will grant you $25k tax relief. Can consider.
 
D

doremi_

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Sorry side track abit.

If you have 200k in cash, will it be better to pay off the remaining HDB loan or use it to top up special account to get the 4% interest and pay off the hdb loan after turning 55 with the cashout?

Presumebly there's no means of earning more than 4% with other investments:)
 
J

JuniorLion

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doremi_ said:
Sorry side track abit.

If you have 200k in cash, will it be better to pay off the remaining HDB loan or use it to top up special account to get the 4% interest and pay off the hdb loan after turning 55 with the cashout?

Presumebly there's no means of earning more than 4% with other investments:)
Click to expand...

How old are you now?
 
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