tag:blogger.com,1999:blog-7944902213075756335.post3076060176123340441..comments2024-03-29T10:22:24.187+08:00Comments on A Singaporean Stocks Investor (ASSI): Do online contribution to Medisave and get $88 Ang Bao.AK71http://www.blogger.com/profile/16832145412062954289noreply@blogger.comBlogger49125tag:blogger.com,1999:blog-7944902213075756335.post-88203723207782807572018-02-26T09:26:24.994+08:002018-02-26T09:26:24.994+08:00Hi Fong,
It has happened to me before too. ;p
ht...Hi Fong,<br /><br />It has happened to me before too. ;p<br /><br />http://singaporeanstocksinvestor.blogspot.sg/2016/02/the-cpf-is-really-national-ponzi-scheme.html<br /><br />SRS is a good idea if you are still paying income tax. :)<br /><br />http://singaporeanstocksinvestor.blogspot.sg/2011/01/srs-brief-analysis.htmlAK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-15692983737073209522018-02-17T15:45:03.189+08:002018-02-17T15:45:03.189+08:00Happy New Year AK!
2017 was my first year doing 7...Happy New Year AK!<br /><br />2017 was my first year doing 7k VC to MA and quite unexpectedly received CPFB's letter last week notifying me that there's a few hundred+$ of excess VC that will be refunded without interest. I guess that's a "good" problem nevertheless!<br /><br />If everything else stays the same for contribution ceiling and VC, the next logical thing to do isFonghttps://www.blogger.com/profile/09301281346504479141noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-5599371337613116332018-01-12T13:50:44.648+08:002018-01-12T13:50:44.648+08:00Reader says...
Thanks for your efforts in writing ...Reader says...<br />Thanks for your efforts in writing the articles! It’s motivating and educational. Quick question: I’m unable to find govt’s ‘Ang bao’ for TOP up cpf. Can you advise please? Many thanks in advance!<br /><br />AK says...<br />The "ang bao" is the full year interest earned. 😛<br />It is a $100 "ang bao" this year.<br />If you have not done it yet, cepat!AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-79958134332559735532017-11-17T11:35:27.959+08:002017-11-17T11:35:27.959+08:00Hi Chris,
If we contribute $2.5K to our MA at the...Hi Chris,<br /><br />If we contribute $2.5K to our MA at the start of the year, this sum will get 4% interest for the full year. So, that is $100. <br /><br />In your case, if you do that, you would hit the BHS of $54.5K and you will still get income tax relief on this $2.5K voluntary contribution to the MA.<br /><br />Then, all your mandatory CPF contributions from employment for the year will AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-75975339564294284142017-11-17T10:17:46.523+08:002017-11-17T10:17:46.523+08:00Hi AK,
Let's say my medisave is already $52K f...Hi AK,<br />Let's say my medisave is already $52K for 2017 and next year the cap is $54.5K.<br />My employment contributes more than the $2.5K increase e.g. $3K in medisave cap for 2018.<br />So even if i top up $2.5K medisave next year in January, I am not entitled to the VC-MA tax relief right? How about the interest calculatedAppleBrohttps://www.blogger.com/profile/02706909808309374984noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-41359098583388261352017-11-16T20:46:56.561+08:002017-11-16T20:46:56.561+08:00Reader says...
Hosay liao! Got angpow again next y...Reader says...<br />Hosay liao! Got angpow again next yr for MA!<br /><br />"For those under 65, the Basic Healthcare Sum next year will be S$54,500, up from S$52,000 previously, the authorities said."<br /><br />Source:<br />http://www.channelnewsasia.com/news/singapore/cpf-interest-rates-to-remain-unchanged-from-january-to-march-9412574AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-91248627963810795392017-10-22T16:43:30.383+08:002017-10-22T16:43:30.383+08:00Ho Wai Han:
I hope the cap for ma is not increase...Ho Wai Han: <br />I hope the cap for ma is not increased as the expected interest from the current 52k cap is sufficient to cover the Medishield life premium. Also you cannot withdraw ma except for medical and upon death. So 52k should be adequate and not overly burdensome for the majority of Singaporeans.AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-69523175202416898672017-10-22T10:05:44.781+08:002017-10-22T10:05:44.781+08:00Jimmy Ng:
had made the request to CPF, to raise t...Jimmy Ng: <br />had made the request to CPF, to raise the MA ceiling generously or remove it. <br />Perhaps, my voice not loud enough.<br /><br />Kelvin Tan: <br />If there is no cap on medisave, there will be less incentives for people to stay healthy and not use medisave as far as they can.<br /><br />Jimmy Ng: <br />unlikely too, with the withdrawal caps & deductibles (co-payment).<br />itAK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-27142750759579654452017-09-12T12:48:59.935+08:002017-09-12T12:48:59.935+08:00Hi Fong,
Yup. If we should exceed the annual limi...Hi Fong,<br /><br />Yup. If we should exceed the annual limit, excess contribution will be refunded without interest in the new year. See: <a href="http://singaporeanstocksinvestor.blogspot.sg/2015/02/the-cpf-is-national-ponzi-scheme.html" rel="nofollow">CPF is a national PONZI scheme!</a><br /><br />Gambatte! :)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-66056301901112608312017-09-12T11:34:44.605+08:002017-09-12T11:34:44.605+08:00Hi AK,
Many thanks for your reply.
Yes, I am aw...Hi AK,<br /><br />Many thanks for your reply. <br /><br />Yes, I am aware of the annual VC+MC limit, that's why I was asking when the VC needs to be done(whether its work year or calendar year) because if we are to expect any bonus, we would only know sometime in December.<br /><br />I suppose what I will do now is to stagger my VC until Dec so that in the event of exceeding the annual Fonghttps://www.blogger.com/profile/09301281346504479141noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-75850615915448159232017-09-09T09:57:54.013+08:002017-09-09T09:57:54.013+08:00Hi Fong,
1. If you want to enjoy tax relief for t...Hi Fong,<br /><br />1. If you want to enjoy tax relief for the following year, you have to make sure your contribution is recognized before end of this year. So, getting it done a couple of weeks before the the year ends is pretty safe.<br /><br />2. Maxing out your CPF-MA to the BHS is a good idea. However, You have to remember that VC + MC cannot exceed the annual contribution limit. So, check AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-55808078115694004622017-09-08T13:42:30.308+08:002017-09-08T13:42:30.308+08:00Hi AK and friends,
I am currently planning to mak...Hi AK and friends,<br /><br />I am currently planning to make my first VC and I was wondering if you can "think out aloud" these ideas and questions I currently have(already checked through CPF website and all the terminology is making it quite difficult find clear answers to my questions).<br /><br />1) Is there a "deadline" for doing VC such that it will be considered for Fonghttps://www.blogger.com/profile/09301281346504479141noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-12183963162035307342017-06-18T09:21:46.472+08:002017-06-18T09:21:46.472+08:00Reader:
Hello AK, may I know if there's any li...Reader:<br />Hello AK, may I know if there's any limit in contribution to MA for tax relief every year? So far I understand there's a 7k cap for SA contribution (to get tax relief).<br /><br />AK:<br />VC to the MA is limited by the annual contribution limit. Mandatory + Voluntary contribution cannot exceed this limit. So, if a person's earned income has already maxed out this limit, AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-3411303212063740332017-01-17T16:30:19.154+08:002017-01-17T16:30:19.154+08:00Hi JQ,
I don't go there, actually. Thanks for...Hi JQ,<br /><br />I don't go there, actually. Thanks for letting me know. ;)<br /><br />They reproduce some of my blogs in Chinese. No compensation for me but I agreed to this arrangement as it is doing something good for the Chinese educated.<br /><br />I can speak Mandarin well enough. When it comes to reading and writing, especially writing, I am quite happy to let someone else do it for AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-47219710428578705172017-01-17T16:18:22.685+08:002017-01-17T16:18:22.685+08:00Hi AK,
just in case if you are not aware your &quo...<br />Hi AK,<br />just in case if you are not aware your "self-chat" has been uploaded to following financial website.<br /><br />http://cj.sharesinv.com/20170111/42755/<br /><br />Regards<br />JQ<br />Anonymoushttps://www.blogger.com/profile/04249586499991904339noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-85786124327536829842017-01-15T14:14:15.874+08:002017-01-15T14:14:15.874+08:00Hi JT,
Like I said, you have a happy problem. ;pHi JT,<br /><br />Like I said, you have a happy problem. ;pAK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-64496852045058022552017-01-15T13:49:41.856+08:002017-01-15T13:49:41.856+08:00Hi JT, even though your VCMA came first (before yo...Hi JT, even though your VCMA came first (before your employer's contributions), your VCMA will be the one that will be refunded without interest. Hence my previous reply that mandatory contributions always taking priority in the calculations for annual limit. This applies regardless of the order/month of contributions. If you're certain that your annual mandatory contributions from simplymehttps://www.blogger.com/profile/09309919454375456952noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-16380115360423900152017-01-15T13:47:41.930+08:002017-01-15T13:47:41.930+08:00Hi simplyme and AK,
Thks. Yes I will hit the AL l...Hi simplyme and AK,<br /><br />Thks. Yes I will hit the AL later within the year and I am thinking of VC MA 2000 to hit the BHS upfront to earn the 4%. <br /><br />Eventually the refund for exceeding the AL, will it be a refunding for the initial VC of 2000 or for the overcontributed 2000 in the last MC?<br /><br />Thanks in advance,<br />JTAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-29733358013911624542017-01-15T13:33:11.849+08:002017-01-15T13:33:11.849+08:00Hi simplyme,
Yes, I know I will hit the annual li...Hi simplyme,<br /><br />Yes, I know I will hit the annual limit of 37740 within the year. With the BHS limit revised to 52k, it will be a few months before my MA hits 52k. So I intend to VC 2200 to hit 52k to earn the 4% interest from the start of the year. With my monthly mandatory contributions, my MA will overflow to SA/OA, and also eventually in the year I will exceed the annual limit. How Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-14468597454505642402017-01-14T23:21:29.423+08:002017-01-14T23:21:29.423+08:00Hi simplyme,
Thanks for sharing. :)
"only w...Hi simplyme,<br /><br />Thanks for sharing. :)<br /><br />"only working contributions are subject to the limit."<br /><br />More accurately, Mandatory Contributions + Voluntary Contributions in a year cannot exceed the CPF Annual Limit. :)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-42057813003920193582017-01-14T22:55:31.988+08:002017-01-14T22:55:31.988+08:00Hi JD, not all CPF contributions are subject to th...Hi JD, not all CPF contributions are subject to the 37,740 annua limit. E.g. GST voucher medisave, NS home awards (medisave), etc. only working contributions are subject to the limit. I'd checked this last year as i was also worried about exceeding the annual limit due to NS home :) simplymehttps://www.blogger.com/profile/09309919454375456952noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-45371624545707970582017-01-14T22:52:05.569+08:002017-01-14T22:52:05.569+08:00Hi JT, i've asked CPF this before. The priorit...Hi JT, i've asked CPF this before. The priority is always mandatory contributions then VC. It's not possible for mandatory contributions alone to exceed the annual limit based on normal monthly CPF contributions (since there's a salary cap on the applicable %). If say your mandatory con will definitely hit the annual limit of 37,740 then there's little in doing a VCMA unless u simplymehttps://www.blogger.com/profile/09309919454375456952noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-22069277858186648352017-01-13T12:38:40.286+08:002017-01-13T12:38:40.286+08:00Hi JT,
Wah! You have a happy problem. ;)
I don&#...Hi JT,<br /><br />Wah! You have a happy problem. ;)<br /><br />I don't know if your HR will black face or not. Better check with them first. :)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-58542226712860527232017-01-13T12:15:46.611+08:002017-01-13T12:15:46.611+08:00Hi AK,
I know my mandatory contributions for the ...Hi AK,<br /><br />I know my mandatory contributions for the year (employee + employer) will definitely exceed the Annual Limit. Now my MA is $49800, does it still make sense for me to VC $2200 to my MA. Will the subsequent refund for exceeding Annual Limit, be to me or to my employer? Will this refund cause problem for my company's HR?<br /><br />Thanks in advance,<br />JTAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-51444570278130343302017-01-10T22:08:39.464+08:002017-01-10T22:08:39.464+08:00Hi JD,
Hush, hush. LOL. ;p
If it really bothers ...Hi JD,<br /><br />Hush, hush. LOL. ;p<br /><br />If it really bothers you, then, give CPFB a call. :)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.com