CPF Cash Top-up Relief
'CPF cash top-up relief' is a tax relief given to encourage Singaporeans to save for their retirement and that of their dependants.
Who can claim
- CPF cash top-up relief is given if you are a Singapore NRIC holder and you or your employer has made cash top-ups to your own Special Accounts (for recipients below age 55) or Retirement Accounts (for recipients aged 55 and above) under the CPF Minimum Sum Topping-Up Scheme.
- An additional relief will also be given for cash top-ups by you to the following recipient's Retirement / Special Account :
- Your parents or grandparents
- Your spouse/siblings or handicapped spouse/siblings
Your spouse/siblings must not have income exceeding $2,000 in the year preceding the year of top-up (e.g. salary or tax exempt income such as bank interest, dividends and pension)
There is no income threshold condition for your parents or grandparents.
With effect from Year of Assessment (YA) 2011, the income threshold for spouse/siblings will be increased from $2,000 to $4,000. There will be no income threshold condition for handicapped* spouse/siblings.(*incapacitated by reason of physical or mental infirmity.)
To find out the conditions and procedures for topping-up the Retirement / Special Account under the CPF Minimum Sum Topping-Up Scheme, please visit CPF website at mycpf.cpf.gov.sg/Members/home.htm
How much you can claim
Contribution by cash to the Retirement / Special Account under the CPF Minimum Sum Topping-Up Scheme will enable you to claim up to:
Cash Topped-up
|
Amount of relief
|
| by yourself or employer to your Account |
Actual cash topped-up or up to Max of $7,000 |
| by you to your spouse, sibling, parents' and grandparents' Account |
Actual cash topped-up or up to Max of $7,000 |
Maximum Relief per calendar year
|
$14,000 |
Example
In year 2011, Mr ABC topped-up $5,000 in cash to his own CPF Special Account. Additionally, he topped-up $10,000 in cash to his parent’s CPF Retirement Account.
For Year of Assessment 2012, Mr ABC can claim a total CPF Cash-Top Relief of $12,000 ($5,000 for own CPF Cash Top-up, $7,000 for topping-up parent’s CPF Retirement Account).
Additional Information:
Topping-up of Accounts through transfer of funds from your own CPF Account to that of your own / family members' Retirement / Special Account does Not qualify for tax relief.
How to claim
You do not need to claim this relief as it will be granted automatically based on your eligibility and records sent to us by CPF Board.
Find out more about how to submit your tax form.