Asked by Anonymous
Asked on 14 Jan 2019
Let me know thank you :)
You have to find out your annual limit. You can only get tax relief on cpf based on the annual limit.
Jan is the best time because it can compound the interest for the whole year and is also the time when last year interest is credited.
As mentioned elsewhere - there is no tax relief for shuffling around CPF balances between OA and SA accounts.
On the timing - I think not so important as the interest is calculated based on the monthly balances - so the benefit will kick in the month subsequent to your action. Given the higher interest on SA, if you are going to do this anyway then best to do ASAP rather than waiting for any particular month of the year.
Transfering from OA to SA is not counted towards income tax deduction. Only cash top ups to SA will count.
I believe you can only get income tax relief if you actually use cash to top up your CPF SA!
and the limit is up to $14k for personal and $7k for a family member