Dear readers, with the close of Year 2023 soon, I believe some CPF members are taking the opportunity to top up, by 31 Dec 2023, the CPF accounts of themselves, their loved ones or their employees to enjoy tax relief.
The quantum of the tax relief is up to $8,000 for CPF top-ups to oneself and an additional $8,000 for cash top-up to one’s loved ones or employees. One’s loved ones include parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings. For more details of the CPF top-up, visit CPF link here.
There are others who may also be making top ups to the CPF accounts of their kids. By starting the CPF top-ups early for their kids, one can accumulate great wealth for their kids. In fact, 1M65/4M65 founder, Mr Loo Cheng Chuan has shown that by contributing $64,350 to a child’s special account at birth, this amount will grow into an astronomical $1 million when the child retires 65 years later! For more details, visit this website!
It is hence very beneficial for one’s kids to benefits from the early CPF top ups from their parents if the parents have the spare cash to do so! However, do note that there is no tax relief for top-ups made to one’s children.
I hope you find this article useful, feel free to share this article with your friends or loved ones who may find this article useful too!
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