Andy Leong

06 Sep 2021

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Can 2 children contribute to 1 parent 7K each via the RSTU scheme and still earn tax relief for each of the children?

Can 2 children contribute to 1 parent (parent is above 55 years old And have not achieved FRS in RA) 7K each via the RSTU scheme and still earn tax relief for each of the children?

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Tan Choong Hwee

06 Sep 2021

Solutions Specialist at Providend

Yes.

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Age 35. OA: 50K, SA: 200K, MA: 65. Can i still do RSTU to get tax relief of $7k? Can i still do VC (there is no cap for VC right?) If i do VC, will whatever amount i top earn earn interest?

If I have topped up 7k for RSTU early this Jan and then after I do a transfer from OA to SA to reach FRS, will there still be a tax relief of 7k next year, 2022?

I am a freelancer earning ~1k a month, I did not file tax nor contribute CPF, will I be eligible for the self-employed relief scheme? Is it too late for me?

Would it be better for me to 1) Contribute to CPF SA to generate a guarantee 4% return and at the same time get tax relief OR 2) Purchase and annuity plan that provides monthly income from retirement?

Just started a new job. I am earning a 40k annual income. Understand that we can top up 7k to enjoy tax relief. Is it advisable to do so? Also, we have to top up 7k every year. Can someone explain more?