This relief is given to encourage Singaporeans and Permanent Residents to set aside money for retirement needs either in their own CPF accounts or those of family members. To qualify, you must hold a Singapore NRIC and:
- You and/or your employer on your behalf have made cash top-ups in the preceding year under the CPF Retirement Sum Topping-Up Scheme to your:
- Special Account (for recipients below age 55); or
- Retirement Account (for recipients age 55 and above).
- You have made a cash top-up in the preceding year under the CPF Retirement Sum Topping-Up Scheme to the Special/Retirement Accounts of your:
- Parents or Parents-in-law;
- Grandparents or Grandparents-in-law;
- Spouse; and/or
Top-up through Transfer of Funds
The tax relief is only for cash top-ups. The relief does not apply when the top-up is carried out by transferring funds from your own CPF Account to your own or a family member's Special/Retirement Account.
For more information on the procedures for topping-up the Special/Retirement Accounts under the CPF Retirement Sum Topping-Up Scheme, please visit the CPF website.
To claim tax relief for cash top-ups for your spouse or siblings, the spouse or siblings must not have an annual income exceeding $4,000 in the year preceding the year of top-up.
Annual income includes taxable income (e.g. trade, employment and rental), tax exempt income (e.g. bank interest, dividends and pension) and foreign-sourced income regardless of whether it has been remitted to Singapore. This income threshold does not apply to parents, grandparents, handicapped* spouse or handicapped* siblings.
*Incapacitated because of physical or mental infirmity.
You do not need to claim this relief. The relief is granted automatically to those who are eligible based on records sent to the CPF Board . For more information, please refer to CPF Board’s website.