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Gerard Ong

Gerard Ong

Tax consultant at Ernst & Young

30Upvotes

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Tax consultant at Ernst & Young

Gerard Ong

Tax consultant at Ernst & Young

30Upvotes
  • Answers (13)
  • Questions (0)
  • Reviews (2)

Investments

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Updated on 19 Jun 2019
You can also login to CDP and change it online, like so:- !
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Property

General

CPF

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Answered on 18 Jun 2019
The best way to approach this decision is to think of it this way - if you use CPF to pay your monthly installments, will you be able to dilligently set aside the extra cash-on-hand and earn a return equivalent to or higher than CPF OA (2.5% - 3.5%). If yes, then go ahead and pay with CPF. If no, you might be better off paying with cash so you don't forego the lost interest in CPF. Assumption: this thought experiment assumes that your monthly cashflow has enough buffer to pay the monthly mortgage in cash. If your cash is insufficient, then there's no need for dilemna, just pay with CPF.

Fresh Graduates

Savings

Bank Account

Credit Card

General

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Updated on 07 Jun 2019
Apart from cashback and/ or miles, another benefit is that you only have to pay for your purchases about 1+ month after the actual expenditure. This means that the money that would have been spent gets to sit in your bank account for that one extra month. And earn interest! For free! Credit cards usually have their first 1-2 years of annual fees automatically waived. After which, you can call in for case-by-case waiver. As long as you can pay your credit card bills on time, there are no costs to using one, but plenty of benefits.

CPF

Family

Savings

Retirement

Bank Account

General

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Updated on 07 Jun 2019
Yes, you can do that. But a few things to take note of: 1. The tax relief for top-up to parents' CPF is limited to 7k. So if you contribute 10k, you only get a 7k reduction of taxable income. 2. Assuming your parents are above 55 years old (since you said they can withdraw anytime), you will only get tax relief if their RA balance is below FRS. If their RA balance is higher than FRS, you don't get tax relief. (source: https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/CPF-Cash-Top-up-Relief/#title4) 3. When you topup cash to your parents' RA, the amount topped up can thereafter only be withdrawn slowly via monthly payouts, it cannot be withdrawn in one-shot immediately after you top-up. Quote from CPF webisite: "Top-up monies, CPF LIFE Bonus and Deferment Bonus are specifically meant to increase members’ monthly payouts under the Retirement Sum Scheme/CPF LIFE. Hence, they should only be streamed out in the form of monthly payouts." Graphical illustration from CPF: https://www.cpf.gov.sg/Assets/members/Documents/IllustrationoftopupmoniesinRA.pdf Numerical analysis done by Heartland Boy: https://heartlandboy.com/money-withdraw-from-your-cpf-at-55/

Lifestyle

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Answered on 21 Dec 2018
14 Christmas trees that have a yellow star 🌟 on top

Lifestyle

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Answered on 20 Dec 2018
! Me enduring fire as a senior throughout the 2018 tax peak season -_-
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Career

Savings

Investments

Credit Card

Lifestyle

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Answered on 19 Dec 2018
My personal finance resolution for 2019 would be to complete the shift of a majority of my portfolio into a more defensive, stable allocation, in anticipation of an expected market downturn.

Policies

CPF

General

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Answered on 29 Oct 2018
If your parents have met the FRS, then there's no tax relief when you top-up their CPF RA. In that case, the only purpose would be for earning the interest rates from cpf. However, do note that the monies topped up will only be disbursed to your parents gradually via monthly payouts from 65 onwards; it won't be available as a lump sum withdrawal.

Comparison

Investments

Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Updated on 09 Oct 2018
Capitaland Limited builds and sells the malls. The trust buys the malls and rents it out for rental income. The rent goes to unit holders of the trust, which may include Capitaland Limited. The managing agent that manages the malls is a separate private company, which is a wholly-owned subsidiary of Capitaland.
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