What are the possible ways in 2023 to a) reduce income tax thru VC to CPF and 2) max out CPF VC for self and family (without income tax reduction)?

Various ways to get tax relief thru CPF:

1. RSTU to SA/RA to 2023 FRS ($198,800)
2. VCMA to 2023 BHS ($68,500)
3. RSTU to loved ones SA/RA to 2023 FRS
4. VCMA to loved ones to 2023 BHS

Item 1 and 2 share a tax relief cap of $8k.

Item 3 and 4 share another tax relief cap of $8k.

Loved ones refer to parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings. The last 2 must earn less than annual salary of $4k for you to qualify for tax relief.

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To max out for self and loved ones:

1. RSTU to SA up to 2023 FRS for under age 55.
2. RSTU to RA up to 2023 ERS for age 55 and above.
3. VCMA to 2023 BHS.

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