One of the monetary perks of being a parent in Singapore is the receipt of the Parenthood Tax Rebate from the government. The Heartland family paid zero taxes in 2019 when the parenthood tax rebate directly offset their tax liabilities. As first-time working parents, they definitely welcomed this tax relief. Unfortunately, whatever that is left of the $5,000 tax credits would be insufficient to offset their tax bills that would be due in 2020. Therefore, Heartland Boy restarted his strategy of CPF top-ups in 2019 to procure more tax relief.
1. Top Up Parents’ CPF (Retirement Account) For Tax Relief2 years ago, Heartland Boy blogged that his uppermost financial concern was his parents’ retirement funds. With limited cash savings and CPF balances, their retirement outlook looked bleak. Well, 2 years on, it got slightly better. Thanks to his siblings and him, his mum’s CPF Retirement Account (‘CPF RA’)
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