Last Minute Ways to Reduce Tax! Final Chance For MRSS Tax Relief

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  • Опубликовано: 26 янв 2025

Комментарии • 9

  • @Sethisfy
    @Sethisfy  29 дней назад

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  • @jesslynnsh
    @jesslynnsh 29 дней назад +2

    Thanks for sharing

    • @Sethisfy
      @Sethisfy  29 дней назад

      Thanks for watching! Appreciate the comment

  • @geri_8
    @geri_8 29 дней назад +1

    Hi Seth, referring to 4:09 - you mentioned there's no more age limit in 2025, (1) meaning I will still enjoy tax relief if I top up parents (above 70 years)' CPF, and (2) for example if I top up $8,000 to my mum's CPF MA, she will enjoy a matching grant of $2,000 from the government whereas I will be eligible for $6,000 of tax relief from the $8k cash top up?
    Do you happen to know (3) if my parents are still working, can I top up their CPF to get tax relief still?
    (I only found on CPF website about topping up to sibling or spouse, the recipient's income in the previous year needs to be below $8,000 then can be considered eligible for tax relief)
    Thanks!

    • @Sethisfy
      @Sethisfy  29 дней назад

      Yes sounds about right as long as they meet the MRSS requirements.
      Don’t think there’s any income requirement for tax relief on CPF top up for parents.

  • @InvestingEducation
    @InvestingEducation 29 дней назад +1

    Why the mrrs not eligible for senior citizen above 70?

    • @Sethisfy
      @Sethisfy  29 дней назад +1

      2025 onwards no age limit

  • @hockannleow9559
    @hockannleow9559 29 дней назад

    To get $2000 match in 2025, I'm wondering if I can top up $2000 each to both my dad and mom's RA account?
    Then, top up the remaining $4000 to my mom's MA account.
    In this way, I can get a total $8000 cpf tax relief and they also can get MRSS.
    Not sure if this works? Pls advice?

    • @Sethisfy
      @Sethisfy  29 дней назад

      You can top up up to $2,000 per parent in 2025 and get MRSS. But no more tax relief on top ups matched by MRSS as mentioned in the video.
      This year (2024) is the final year to get tax relief on MRSS