Personal Finance
Latest guide on tax reliefs and tax rebates for parents in Singapore
By Heartland Boy  •  December 3, 2023
Photo credit: Ricardo Moura/Unsplash Going into the month of December 2023, I only have a few weeks to take action to reduce my household’s tax bill for Year of Assessment 2024. This year, my tax planning took a little more time due to my new-found status as a parent of 2 children. I previously wrote an article on tax reliefs available to first-time parents. However, I realised that some of the information may require updating due to policy changes to encourage more baby making. Amazingly, Lenora’s birth was immaculately timed because had she been born a year later, the mechanism to compute Working Mother’s Child Relief (‘WMCR’) would have been very different and probably to my household’s disadvantage. Let me illustrate the key changes in the WMCR as well as provide the latest guide on tax reliefs and rebates specifically for parents in Singapore.

WORKING MOTHER’S CHILD RELIEF (‘WMCR’)

The current version of the WMCR is a tax relief...
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By Heartland Boy
Heartland Boy is a young working adult who pretends to be competent in the real estate industry despite graduating with only a Business Management degree. Outside of work, he analyses stocks, reits and property for investment to build passive income. He is also a stickler for all things that represent value-for-money.
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