Academy & Tips

BEST 7 Ways To Save On Taxes In Singapore

In this video, I’ll tell you the 7 ways you can save on taxes in Singapore.

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0:00 – Intro

0:48 – How to calculate your personal income tax
There are different tax tier rates in Singapore. IRAS has provided a calculator for us to calculate our tax rates.
https://www.iras.gov.sg/irashome/Quick-Links/Calculators/

1:15 – CPF SA/RA cash top up
You can top up up to $7k cash to your own, or your loved ones CPF SA/RA to save on taxes. This only qualifies if the CPF SA/RA has lesser than full retirement sum, currently at $186k.

There’s also CPF Matched Retirement Savings Scheme, the government will match dollar for dollar if you top up to your parents’ CPF, up to $600, under certain conditions.

Even though you can earn interest in CPF, you won’t be able to withdraw the money till old age.

Step by step guide: https://dollarsandsense.sg/rstu-top-up-cpf-special-account-sa-using-cash/

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3:04 – CPF Medisave cash top up
You can also top up to Medisave to save on taxes.

3:26 – Top up SRS account
SRS is a scheme to help Singaporeans prepare for retirement. The benefit is you can withdraw the money anytime, but with 5% penalty if you withdraw early. You can use the money in SRS for investments. You are allowed to withdraw after you reach 62 years old, only 50% of the withdrawn amount is taxed.

Even though you can save on taxes by topping in SRS now, there’s a chance that tax rates may increase in the future.

6:03 – Making donations
There’s a 250% tax deduction for your donation. This scheme will be available till 2023.

7:46 – Courses
If you take courses that are relevant to your profession, you can claim up to $5500 in tax relief.

8:15 – Child tax savings
There’s a whole bunch of tax savings if you have children.
https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Tax-Savings-for-Married-Couples-and-Families/

8:56 – Parents tax savings
Besides children, you can also claim tax relief for your parents and grandparents.
https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Deductions-for-Individuals/Parent-Relief-/-Handicapped-Parent-Relief/

*Some of the links and other products that appear on this video are from companies which Kelvin Learns Investing will earn an affiliate commission or referral bonus.*

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