Claim tax relief for topping up your own CPF Special/Retirement Account or those of your family members to meet basic retirement needs.

Qualifying for relief

CPF Cash Top-up Relief is given to encourage Singaporeans and Permanent Residents to set aside money for retirement needs either in their own CPF accounts or those of family members.

To qualify for the tax relief for Year of Assessment 2022, you must:

1. be a Singapore Citizen/Permanent Resident; and

2. have made cash top-ups in 2021 under the CPF Retirement Sum Topping-Up Scheme ("RSTU").


Cash top-ups made toOther condition(s)

Self (By you and/or your employer)

  • Special Account (for recipients below age 55
  • Retirement Account (for recipients age 55 and above)
Not applicable
  • Parents/Parents-in-law
  • Grandparents/Grandparents-in-law
  • Handicapped* spouse
  • Handicapped* siblings

* Incapacitated because of physical or mental infirmity.

Not applicable
  • Spouse
  • Siblings

Spouse/Siblings must not have an annual income** of more than $4,000 in the year preceding the year of top-up (i.e. 2020).

** Annual income includes:

  • Taxable income (e.g. trade, employment and rental)
  • Tax-exempt income (e.g. bank interest, dividends and pension)
  • Foreign-sourced income regardless of whether it has been remitted to Singapore

 

For each Year of Assessment, a personal income tax relief cap of $80,000 applies to the total amount of all tax reliefs claimed (including any relief on cash top-ups made).

There will be no refund for accepted cash top-up monies. Please evaluate whether you would benefit from tax relief on your cash top-up before you make an informed decision on whether to make a cash top-up.

Top-up through transfer of funds

The tax relief is only for cash top-ups. The relief does not apply when the top-up is carried out by transferring funds from your own CPF Account to your own or a family member's Special/Retirement Account.

For more information on the procedures for topping-up the Special/Retirement Accounts under the CPF Retirement Sum Topping-Up Scheme, please visit the CPF website.

Example 1: Income threshold of spouse

In 2021, Mr Lee made a CPF cash contribution of $7,000 to his wife's Special Account. His wife's annual income in 2020 was $5,000. Mr Lee will not be able to claim for CPF Cash Top-up Relief as his wife had an annual income of more than $4,000 in the preceding year (i.e. 2020) to the year of top-up (i.e. 2021).

Top-up amount to wife's Special Account in 2021

$7,000

Wife's annual income in 2020

$5,000

CPF Cash Top-up Relief for Year of Assessment 2022

$0

Amount of relief

The maximum CPF Cash Top-up Relief per Year of Assessment is $14,000 (maximum $7,000 for self, and maximum $7,000 for family members).

Amount of cash top-up to own or family members' CPF Special/Retirement Account

 

Maximum allowable relief

Allowable relief amount will also be subjected to Full Retirement Sum (FRS)

Below $7,000

Exact amount of cash top-up

$7,000 or more

$7,000

New! From Year of Assessment 2023 onwards

To make it simpler for employees to make top-ups to their MediSave Accounts (“MA”) and for parity with the RSTU scheme, the following changes take place for CPF cash top-ups made by all individuals on or after 1 Jan 2022:

  • The tax relief for cash top-up is expanded to include cash top-ups made to self and family members’ MA (not allowed by CPF Board if the recipient is a self-employed person (SEP) with outstanding MediSave liabilities).
  • The maximum CPF Cash Top-up Relief per Year of Assessment is $16,000 (maximum $8,000 for self, and maximum $8,000 for family members).
  • Amount of cash top-up to own or family members' CPF Special/Retirement Account/MediSave Account

     

    Maximum allowable relief

    (please refer to limit on cash top-up amount for computing tax relief)                                

    Below $8,000

    Exact amount of cash top-up

    $8,000 or more

    $8,000


    Limit on cash top-up amount for computing tax relief

    In addition, there is a limit on the amount of cash top-up that qualifies for tax relief.

    Age of recipientsLimit on cash top-up amount for computing tax relief

    For recipients below age 55

    (a) Top-up to Special Account (SA) under RSTU scheme

    Current Full Retirement Sum (FRS) – Special Account (SA) savings – Amount withdrawn from SA for investments*

    * Net SA savings withdrawn under CPF Investment Scheme (CPFIS) for investments that have not been completely disposed of

     

    (b) Top-up to MediSave Account (MA) (not allowed by CPF Board if the recipient is a self-employed person (SEP) with outstanding MediSave liabilities)

    Applicable Basic Healthcare Sum ("BHS") - MA balance before the top-up

     

    For recipients aged 55 years and above

    (a) Top-up to Retirement Account (RA) under RSTU scheme

    Current Full Retirement Sum (FRS)Retirement Account (RA) savings**

    ** RA savings refers to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn

     

    (b) Top-up to MediSave Account (MA) (not allowed by CPF Board if the recipient is a self-employed person (SEP) with outstanding MediSave liabilities)

    Applicable Basic Healthcare Sum ("BHS") - MA balance before the top-up


    For more information on your SA/RA savings, please refer to CPF e-Services.

    For the Years of Assessment 2022 and 2023, the applicable Full Retirement Sum amounts/Basic Healthcare Sum are as shown in the table below. For more information, please refer to CPF Board’s website.

    For CPF members below age 65, the BHS will be adjusted annually to keep pace with the expected growth in MediSave use by the elderly.

    Once CPF members reach age 65, their BHS will be fixed for the rest of their lives i.e. if you reached age 65 in 2021, your BHS will be fixed at $63,000.

     

    Year of AssessmentApplicable Full Retirement Sum (FRS) AmountBasic Healthcare Sum (BHS)

    2022 (i.e. for CPF cash top-up made in 2021)

    $186,000

     

    $63,000

     

    2023 (i.e. for CPF cash top-up made in 2022)

     

    $192,000

     

    $66,000

     

    You may refer to this quick summary of CPF Cash Top-up Relief (PDF, 2MB).

    Example 2: Amount of cash top-up does not exceed the limit on cash top-up amount for computing tax relief

    Mr Tan is under 55 years old. He makes cash top-ups of $5,000 to his own CPF Special Account and $10,000 to his mother's CPF Retirement Account in 2022 to enjoy tax relief for Year of Assessment 2023.

     

    For Year of Assessment 2023, Mr Tan may claim a total CPF Cash Top-up Relief of $13,000 ($5,000 + $8,000).

     

    Example on CPF cash top-up not exceeding the limit for computing tax relief

    Example 3: Amount of cash top-ups for multiple family members do not exceed the limit on cash top-up for computing tax relief

    Mr Tan wishes to make cash top-ups of $5,000 to his father’s CPF Retirement Account and his mother's MediSave Account respectively in 2022 to enjoy tax relief for Year of Assessment 2023.

    Top-up amount to father's CPF Retirement Account in 2022 $5,000
    Top-up amount to mother's MediSave Account in 2022 $5,000
    Total CPF Cash Top-up Relief $8,000

    Note: The maximum CPF Cash Top-up Relief per Year of Assessment is capped at $8,000 in total for family members for Year of Assessment 2023.

     

    For Year of Assessment 2023, Mr Tan may claim a total CPF Cash Top-up Relief of $8,000.

    Example 4: Amount of cash top-up exceeds the limit on cash top-up amount for computing tax relief

    Mr Ong is under 55 years old. He wishes to make cash top-up in 2022 as follows:

    S/NCash top-up amount Mr Ong wishes to makeTop-up to:Information on CPF account to be topped-up
    a (i)$8,000his own CPF Special AccountHis total Special Account savings, including net Special Account savings withdrawn under CPF Investment Scheme (CPFIS) is $190,000.
    a (ii)$8,000his own CPF MediSave AccountHis MediSave Account balance before the top-up is $59,000.
    b (i)$8,000his mother’s CPF Retirement AccountHis mother's Retirement Account savings is $200,000.

    (a) Cash top-up to own CPF account

    (i) For cash top-ups to Mr Ong’s own Special Account:

    Full Retirement Sum (FRS) in 2022$192,000
    Mr Ong's total Special Account (SA) savings and Net SA savings withdrawn under CPFIS for investments that have not been completely disposed of $190,000
    Amount of cash top-up allowed to be made in 2022
    (As Mr Ong is under 55 years old, the maximum top-up amount he can receive in his SA is an amount determined by "Current FRS – SA savings – Net SA savings withdrawn under CPFIS for investments that have not been completely disposed of")
    $2,000 ($192,000 - $190,000)
    CPF Cash Top-up Relief for Year of Assessment 2023$2,000

    While Mr Ong would like to make a cash top-up of $8,000 to his own CPF Special Account, the amount of top-up allowed to be made is only $2,000. $2,000 will be eligible for tax relief in view that in respect of CPF Special Account, the limit on the amount of cash top-up that qualifies for tax relief is the same as the amount of top-up allowed to be made. 

    (ii) For cash top-ups to Mr Ong's own MediSave Account:

    Basic Healthcare Sum (BHS) in 2022$66,000
    Mr Ong's MediSave Account (MA) savings$59,000
    Amount of cash top-up allowed to be made in 2022
    (The maximum top-up amount he can receive in his MA is an amount determined by "Applicable BHS – MA balance before the top-up")
    $7,000 ($66,000 - $59,000)
    CPF Cash Top-up Relief for Year of Assessment 2023$7,000

    For Year of Assessment 2023, Mr Ong may claim a total CPF Cash Top-up Relief of $8,000 (While there is $2,000 from the cash top-up to his own Special Account + $7,000 from the cash top-up to his own Medisave Account, the total is capped at the $8,000 deduction limit in respect of Mr Ong’s cash top-up to his own CPF accounts).


    (b) Cash top-up to family member's CPF account

    (i) For cash top-ups to his mother's Retirement Account:

    Enhanced Retirement Sum in 2022$288,000
    Full Retirement Sum in 2022$192,000

    Mother’s Retirement Account savings

    [Refers to the cash set aside in the Retirement Account (excluding amounts such as interest earned, any government grants received) plus the amounts withdrawn.]

    $200,000
    Amount of cash top-up allowed to be made in 2022

    $8,000 (As mother’s RA savings would not reach the Enhanced Retirement Sum after the cash top-up)

     

    CPF Cash Top-up Relief for Year of Assessment 2023 (mother’s account) $0
    (No tax relief for cash top-up as the recipient’s Retirement Account savings have already reached the Full Retirement Sum.)

    As Mr Ong’s mother is above 55 years old, cash top-up will be allowed up to the Enhanced Retirement Sum. While Mr Ong would like to make a cash top-up of $8,000 to his mother’s CPF Retirement Account and the amount of top-up allowed to be made is $8,000, no tax relief is given for the cash top-up as her Retirement Account savings have already reached the Full Retirement Sum.

     

    The maximum top-up amount a recipient aged 55 years and above can receive in his/her Retirement Account is determined by the "Current Enhanced Retirement Sum – Retirement Account savings". This is to allow such recipients to commit higher amounts to CPF LIFE (i.e. up to the Enhanced Retirement Sum), if they choose to receive higher payouts under CPF LIFE.

    However, to keep tax benefits focused on supporting basic retirement needs, there is no tax relief for any amount of cash top-up which exceeds the limit on cash top-up amount for computing tax relief (i.e. Current Full Retirement Sum – Retirement Account savings).

    Please refer to CPF Board’s website for information on the Full Retirement Sum and Enhanced Retirement Sum.

    How to claim

    You do not need to claim the CPF Cash Top-up Relief as it is granted automatically to those who are eligible based on records sent to us by the CPF Board.

    FAQs

    I have received my tax bill for Year of Assessment 2022. The amount of CPF Cash Top-up Relief is incorrect. What should I do?

    Please check through your eligibility for the CPF Cash Top-up Relief as follows:

    • For contributions made in 2022, CPF Cash Top-up Relief will be granted in the Year of Assessment 2023.
    • For cash top-up made to spouse’s and/or sibling’s CPF account, please check that their annual income does not exceed the threshold.
    • You will not be eligible for the CPF Cash Top-up Relief if your CPF savings have reached the Full Retirement Sum (FRS).

    You may also wish to seek advice from the CPF Board directly.

    Can I obtain a refund of the cash top-ups that I have made, if the total amount of personal reliefs which I can claim is more than $80,000, even without any tax relief on cash top-ups I made?

    There will be no refund for accepted cash top-up monies. As such, please take note of the overall personal income tax relief cap and evaluate whether you would benefit from the tax relief on your cash top-ups before you make an informed decision on whether to make a cash top-up.

    My sibling has also topped up to the same family member. Will I still be eligible for the CPF Cash Top-up Relief?

    Yes. Both you and your sibling will be eligible for the tax relief if the member receiving the top-up meets the qualifying criteria. The maximum cap of S$7,000 for CPF cash top-ups to family members ($8,000 for Year of Assessment 2023 and subsequent Years of Assessment) will be applied individually.

    My employer has contributed to my Special/Retirement/MediSave Account on my behalf. Will I be eligible for the relief?

    Yes. However, do note that you will be subjected to tax on the contributions made by your employer as a source of employment income.

    When is the latest I can make the cash top-up to be eligible for the tax relief?

    You will enjoy tax relief on your cash top-up the following year if your application with CPF is received by 31 Dec.

    Where can I find out more on how topping up my retirement savings works?

    You may refer to CPF Board’s website to find out more on how topping up your retirement savings works and what will the top-ups be used for.