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Is annual limit for CPF contribution ($37,740) applicable to Retirement Sum Top-Up Scheme (RSTU)?
From CPF's FAQ page, it is only mentioned that the annual limit for Voluntary Contributions (VC) is $37,740 and is applicable to two types of VC - one made to all 3 CPF accounts and the other just Medisave Account (MA).
My question is:
For example, my Mandatory Contribution (MC) is $30,000/year, and I did a RSTU of $7,000, and a VC to MA of $7,000. The total CPF contribution for the year is $44,000. Am I exempted from tax for the total $44,000 contributed to CPF in that year?
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Tan Choong Hwee
04 Sep 2021
Solutions Specialist at Providend
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No, RSTU falls outside the annual CPF contribution limit.
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Under the Retirement Sum Topping-Up Scheme, you can top-up your CPF Special Account up to the Full R...
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Take note that tax relief for MC is only for the employee portion:
https://www.iras.gov.sg/irashome/Individuals/Lo...