Save yourself some more taxes and at the same time put your money to good use, consider topping up to your parent's retirement account (assuming they are above age55). After all, CPF Retirement Account (CPF RA) attracts 4% interest and (if your parents are aged 55 and above) can earn up to 6% interest on the first $30,000 of their combined CPF balances, and up to 5% on the next $30,000. Eligibility and benefits for topping up to parents' Retirement account (RA) The top-up to their account is capped at Enhanced Retirement Sum (ERS) if they are age55 and above. As of 2020, that amount will be $271,500. If they have more than that amount, you cannot top up. But if they have less, you may top up and increase your parent's retirement sum. In doing so, you can earn a tax relief and the cap for that is $7,000....