Cash Top-up Relief: Who Qualifies and What You Get
Learn how making cash top-ups to your CPF accounts can provide tax relief for you and your family members.
Cash Top-up Relief is a tax incentive that allows you to reduce your taxable income by making extra cash contributions to your own or your family members' CPF accounts.
Who it's for
This is for individuals who choose to make voluntary cash top-ups to their own retirement accounts or to the accounts of their family members.
What you get
When you make these top-ups, you receive tax relief. This means the amount you contribute can be used to lower your total taxable income, which may reduce the amount of tax you owe.
What it costs you
While the relief helps your tax bill, there is a limit on how much you can claim. The total relief is capped at S$8,000 per year for both yourself and your family members combined.
The catch to know
If you are making top-ups for a family member rather than for yourself, that family member must meet specific income criteria to qualify for the relief.
How to apply
- Determine if your top-up meets the eligibility criteria for yourself or your family.
- Make the cash top-up to the relevant CPF account.
- Report the top-up amount when you file your annual tax return.