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5.18 Currently, a person can claim up to $7,000 in tax relief each year for making cash top-ups to his, his parents’, his grandparents’ or his spouse’s CPF Retirement Accounts, provided the beneficiary is aged 55 and above. To encourage greater support from close family members and not just children, we will extend this tax relief for cash top-ups to siblings who are aged 55 and above, and who earn $2,000 or less in the year preceding the top-up. This will take effect from YA2008.
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