Asked on 12 Jun 2019
With reference to what was covered in SeedlyTV EP06, I want to find out more about VC and how I can use it and maximise the advantages
You need to understand the different eligibility for tax relief
1) Voluntary contribution to MA account (Medisave up to BHS)
2) Mandotry contribution (automatically calculated)
1) Voluntary contribution to CPF account (tax relief allowable up to $37,740, or basically 17 times of the monthly pay limit of current $6,000).
So could you elaborate what you mean by the $14,000?
If you meant RSTU, its a limit seperate from the Voluntary Contribution of $37,740 for CPF.
Are u refering to the retirement topping up scheme (top up special account)? The $14k is the max relief for that scheme, $7k for topping up your own special account, and $7k for topping up your parents, spouse etc account (T&C applies).
SRS is a different scheme with its own limit. SRS tax relief is $15,300 for singapore residents.