CPF Top up questions

[nautilus]

Actually using the E-cashier page, you are able to top up any stranger’s account provided you know his NRIC number.

 

[a4973]

Actually using the E-cashier page, you are able to top up any stranger’s account provided you know his NRIC number.

Interesting! Can this feature be used to top a child's SA?

 

[nautilus]

Interesting! Can this feature be used to top a child's SA?

That’s what I do every month for my sons’ MA. It’s the same for SA.

 

[henrylbh]

Use the ecashier page to do so.

Ecashier has no option to top up another person's MA as above picture from post #7 shows.

 

[nautilus]

Ecashier has no option to top up another person's MA as above picture from post #7 shows.

Type in the person’s NRIC number and select contribute to my medisave.

 

[Newmaxi]

My SA has reached FRS. If I were to do a VC to all accounts. Will some of the funds go to SA and do I get to enjoy any tax relief ?

 

[o2atom]

My SA has reached FRS. If I were to do a VC to all accounts. Will some of the funds go to SA and do I get to enjoy any tax relief ?

The funds will be allocated to OA,SA, and MA according to your age. However, you will NOT get any tax relief.

 

[SKenny]

My SA has reached FRS. If I were to do a VC to all accounts. Will some of the funds go to SA and do I get to enjoy any tax relief ?

There is no tax relief for VC into the 3 accounts regardless of the SA account balance.

Tax relief only apply for VC solely into MA, provided it has not reach the BHS yet.

 

[cal3135]

With SA reached FRS & MA reached BHS .. any VC will go into OA.



You can make VC to:
All 3 CPF Accounts (non tax-deductible)
MediSave Account only (tax deductible* for recipient only)

My SA has reached FRS. If I were to do a VC to all accounts. Will some of the funds go to SA and do I get to enjoy any tax relief ?

🍎xsmax HardwareZone Forums app

 

[Value.Matrix]

With SA reached FRS & MA reached BHS .. any VC will go into OA.



You can make VC to:
All 3 CPF Accounts (non tax-deductible)
MediSave Account only (tax deductible* for recipient only)

🍎xsmax HardwareZone Forums app

Might want to recheck because SA still go to SA. Only MA overflows to OA

 

[cal3135]

Yes bro, just verified by attempting VC myself on CPF web prior posting.

Might want to recheck because SA still go to SA. Only MA overflows to OA

🍎xsmax HardwareZone Forums app

 

[SKenny]

Yes bro, just verified by attempting VC myself on CPF web prior posting.

This article is referring to MA above BHS, which will overflow from MA to SA first. If SA is above FRS, it then overflow to OA.

However if you do a VC to all 3 accounts, then the portion of SA contribution will stay in SA regardless of the SA balance. Ditto for SA interest earned.

 

[maple96]

My SA has reached FRS. If I were to do a VC to all accounts Will some of the funds go to SA (YES). and do I get to enjoy any tax relief (NO)

Dunno why so many posts to answer this simple question with confusion?

(assumption u are employed)

There is no tax relief for VC-All 3 accounts. But if u plan and VC-MA only if MA not at BHS, u can get tax relief based on IRAS rules below:

If u VC-All 3 accounts, it will be allocated based on your age to the 3 accounts (OA/SA/MA). Only if MA is max at BHS will this amt allocated to MA be credited to OA account since your SA already hit FRS.

Amount of Tax Relief VC-MA

The amount of tax relief given to the*lowest*of the following:

1. Voluntary cash contribution directed specifically to Medisave Account or

2. Annual CPF contribution cap for the year, less Mandatory Contribution (MC)* or

3. Prevailing Basic Healthcare Sum(BHS)^, less the balance in Medisave Account before the voluntary cash contribution.

 

[nautilus]

You can get tax relief for VC-all 3 accounts provided you are self-employed and verified by IRAS.

 

[maple96]

You can get tax relief for VC-all 3 accounts provided you are self-employed and verified by IRAS.

Correct, if he is registered as self employed. I made assumption he is employed. (I amended my prior post).

 

[yoongf]

I just did it on a saturday afternoon with QR code paynow, and the “check allowable contribution” figure was immediately reflecting the revised figure.

Anyone knows how long it takes for MA voluntary contribution to go through? According to the CPF site, payments via PayNow QR application will be processed almost instantly. Does it mean it's instant? Or still gotta wait 2-3 working days after the "application"?

 

[lupster]

I just did it on a saturday afternoon with QR code paynow, and the “check allowable contribution” figure was immediately reflecting the revised figure.

Thanks for sharing!

 

[cal3135]

Just did VC via PAYNOW QR; it’s instant reflected on your cpf acct.

Verified, with FRS & BHS reached.. SA will remains & MA portion overflowed to OA.

thanks all..

🍎xsmax HardwareZone Forums app

 

[articland05]

Just did VC via PAYNOW QR; it’s instant reflected on your cpf acct.

Verified, with FRS & BHS reached.. SA will remains & MA portion overflowed to OA.

thanks all..

�xsmax HardwareZone Forums app

if using PayNow is instant why so early do VC?
can wait until Mon or Tues

Sent from LGE LG-H990 using GAGT

 

[maple96]

if using PayNow is instant why so early do VC?
can wait until Mon or Tues

Sent from LGE LG-H990 using GAGT

Because someone created so much fear and fake news, so many forumers were very cooperative to test and share their experiences to prove him wrong

Thanks everyone who shared!