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Anonymous

19 Jun 2019

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Is there tax rebate for me if I top up cash into my parents SRS account?

I am thinking of topping up my parents SRS account. Is there any tax rebate for me?

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Glenn Toh

19 Jun 2019

Founder at Whatcard.sg

Short answer is No - there is no "parent SRS topup rebate" as far as i know from my personal experience trying to minimize my tax payments over the past few years of working.

An alternative is to simply top up your parents CPF account instead, which provides up to $7k rebate on your income tax. If you already working chances are your parents are pretty close to the CPF withdrawal ages anyway, which will mitigate the lockup of the cash topup.

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Does cash top-ups to one another's CPF accounts for loved ones also qualify for a tax rebate?

Does cash top-up to SRS or Medisave account for tax relief?

Would like to check if I top up $7K to my CPF SA account, does it mean that I could only top up to $8.3K in SRS so that I max out $15.3K maximum contribution per SRS limit for tax deduction?

CPF top up to Special Account - After hitting the SA limit, can I invest using SA such that I do not meet the limit and top up SA with cash for tax relief? After top up, I liquidate back to SA.

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