This blog post is a reply to questions posed by a reader, Vicster: here.
Hi Vicster,
1. Since your home loan is fully paid up and if you do not have any other uses for the funds in your OA now or in the future, you could consider doing an OA to SA funds transfer.
2. "You can enjoy tax relief of up to $7,000 per calendar year, for cash top-up for yourself and/or cash top-ups received from your employer. You can enjoy an additional tax relief of up to $7,000 per calendar year if you make cash top-ups for your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings. To qualify for tax relief for cash top-ups for your spouse/sibling(s), he must not have an annual income exceeding $4,000 in the year preceding the year of top-up (e.g. salary or tax-exempt income such as bank interest, dividends, and pension) or is handicapped." ...
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