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Chap 13 - Coggle Diagram
Chap 13
CPF
Property ownership
Purchase of housing
HDB
Stamp duty
and
legal fees
Direct from HDB
All CPF savings can be used for
initial deposit
Resale flat
CPF savings up to
valuation limit
can be used
Valuation limit
Lower
of purchase price or market value of property
Related costs
Housing Loans
Self-employed
only
need to
contribute to
Medisave Account
Housing downpayment
Monthly service and
conservancy fees
Private
Has a property bought with CPF and want buy second house
Lease can last till 95
Must set aside latest BRS (basic retirement sum)
Lease
can't
last till 95
Must set aside latest FRS (full retirement sum)
Payout eligibility age:
65
LBS
Home Equity Income Loans
Home Protection Scheme
Applicable only to public housing
Can be split between 2 ppl?
Not applicable to ECs or HUDC
Compulsory for those using CPF to pay for housing installments
mortgage reducing term insurance
Dependants Protection Scheme
Administered by Great Eastern
Education Loan Scheme
Savings in OA used to pay for tuition fees or those of family members
Legacy Planning
CPF does not form members estate and hence cannot be part of a will
CPFIS
Eligibility
At least
18 years old
Not an undischarged bankrupt
More than $20,000
in OA and/or
more than $40,000
in SA
Investments
Cannot invest in whole-life policies
Gold
ETFs
Endowment Insurance
CPF Life
Workfare Income Scheme
Encourage low income older workers to work
Healthcare financing
Medisave
Basic Healthcare Sum
Max contribution to MA
Adjusted yearly to match increasing healthcare needs until CPF member turns 65
Tax relief
$8000
for topping up Medisave or SA/RA
Additional $8000 for topping up loved ones one
Medishield Life
Medifund
Endowment fund to help SG citizens unable
to pay for medical expenses
Eldershield
Automatic cover from 40 years if cannot
perform 3 of activities of daily living
Careshield
Enhanced eldershield
Lifetime cash payouts as long as severely disabled
Private Medical Insurance Scheme
Integrated Shield Plan consists of
Medishield
and additional benefits from
private insurers
Medisave can be used to buy IPs
Supplementary Retirement Scheme
SRS Withdrawl
After retirement age
50%
subject to tax
Before retirement age
100%
subject to tax
5%
penalty
Bankruptcy
100%
subject to tax
Eligibility
Foreigner, PR or SG citizen
At least 18 yrs old
Not being an
undischarged bankrupt
Of sound mind
Contributions
Participant can contribute in cash
up to
SRS contribution cap
Employer can contribute to SRS account but will be considered taxable income
Investments
Excludes
direct property investments
Only
single premium
life insurance products
that allow for benefit upon disability