Getting started on your tax planning before the New Year begins can help you maximize tax relief and minimize tax payable next year. You may only count your tax relief in April when you declare your income tax. But there are 3 things you must do before the year winds down for more tax relief.
Supplementary Retirement Scheme (a.k.a. SRS) is not strange to most Singaporeans. It is a deferred tax scheme which helps you save for the future while reducing your tax expenses now. If you are mid to high-income earners, SRS is a great way to save tax in addition to CPF top-up tax relief. For example, if […]
CPF Life is crucial to every Singaporean’s retirement planning. There are people who protested and demanded the government to “Return Our CPF”, but there are also many people who have good faith in our national pension system and want to top up more into CPF for their own retirement planning. What are the benefits of […]
If you read a lot about retirement planning, you may have built up some Income Generating Assets such as Real Estate Investment Trusts (REITs) or Retirement Income Plans. But few people talk about CPF Life. This is not surprising because people tend to associate retirement planning with stock and property investments. Many people believe that […]
When you retire, your employment income stops, but not your expenses. You still got to pay for your food, your transport and your health care. If you are not lucky enough, you may still have an outstanding mortgage loan to pay. Do you have retirement plans which generate guaranteed passive income to pay off these […]
Singapore government is definitely determined to handle the “CPF hot potato“. There were several amendments to the CPF Act passed in Parliament lately on Oct 10, 2016. It is called Amendment No. 2 bill. Below are the 4 key changes.