Young next-of-kin refers to family members that are below the age of 55.
We'll do the 'next-of-kin above age 55' next time.
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Who Qualifies As Next-Of-Kin?
- Spouse
- Siblings
- Parents
- Parents-in-law
- Grandparents
- Grandparents-in-law
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Benefits of Topping Up
- Tax Incentive
If you top up your next-of-kin's CPF accounts using cash, you get up to $7,000 per calendar year of tax deduction.
- Earn More Interest
Topping up to your next-of-kin's CPF allows them to build up their retirement savings, and it will earn interest of up to 6%.
Criteria
There is a list of criteria to fulfil before your cash top-up to your next-of-kin qualifies for the tax deduction.
- For All Next-Of-Kin Below Age 55
To recipients age below 55, you only get the tax deduction for up to the current Full Retirement Sum (FRS).
FRS - SA Savings - SA monies withdrawn under CPFIS*...
