Hi Kelvin, for foreigners I believe the 24% is initially charged but will be refunded, the actual tax is 15% on 50% of the sum withdrawn , so that is about 7.5% of the full amount, you can read on IRAS "Withholding tax is not the final tax payable" as well as "applying for refund".
Kelvin, I usually top up 8K to cpf to reduce income tax. Are you say I can also top up SRS in addition? Will it reduce taxable amount by how much I put into srs?
It depends which tax bracket you are in. If let’s say you are at the 7% bracket, and you contribute $5k to srs, this means u saved $5k x 7% = $350 in taxes
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Hi Kelvin, for foreigners I believe the 24% is initially charged but will be refunded, the actual tax is 15% on 50% of the sum withdrawn , so that is about 7.5% of the full amount, you can read on IRAS "Withholding tax is not the final tax payable" as well as "applying for refund".
Thank you for a very informative video, as always. For SRS, if one no longer a SG citizen/PR during withdrawal, what will the withholding tax rate be?
Hi kelvin, which bank is a better choice to open an SRS account? Or any bank will do?
You forget to mention that Supplementary Retirement Scheme (SRS) can buy T-bills.
my personal goal changed as need to buy house. so no cpf/srs top ups for me this year.
Yeah. I top up both..
i always max out cpf first before touching SRS.
when your at 400k and above... its really just SRS and yearly VCMA plus charity donations
Kelvin, I usually top up 8K to cpf to reduce income tax. Are you say I can also top up SRS in addition? Will it reduce taxable amount by how much I put into srs?
It depends which tax bracket you are in. If let’s say you are at the 7% bracket, and you contribute $5k to srs, this means u saved $5k x 7% = $350 in taxes
For last year I did both to minimise tax. From potentially 5k to 2k. Then I use my srs to invest also buy tbill and ssb
Just cut hair? Why hair like 80s star trek's stars
Kelvin, u got more exclusive content or not.. Too boring lah same old same old cpf, srs, etf, sp500, robo investment
Do u have something in mind?
@@KelvinLearnsInvestingHow about best brokerage for UCITS ETFs?
how about tariff bills?