Asked 5d ago
From what i recall, we can get tax relief if we topup our own MA voluntarily. If i were to topup my parents' medisave account with my bank account, will i be able to get any tax relief?
Yes you do get tax relief! up to $7k a year :)
me and my brother pan to do it this year for our mother's account, it will be tax deductible.
Retirement sum topping up scheme (RSTU) is only to SA/RA accounts. You can help build your parents' medisave account by helping to pay for their medisave premiums and still gain tax benefits: https://investmentmoats.com/uncategorized/how-you-can-pay-for-your-parents-medishield-life-premiums-and-top-up-your-cpf-medisave-for-tax-reliefs/