If you are a parent, you may be eligible to claim the Parenthood Tax Rebate of $5,000 for your first child, $10,000 for your second child, and $20,000 per child for your third and subsequent child.

It comprises the (i) Baby Bonus Cash Gift (BBCG) and (ii) Child Development Account (CDA) benefits comprising First Step Grant and Government co-matching of parents’ savings.

In case you were wondering why your child has an Edusave Account, it is actually opened automatically for every Singapore Citizen,

With funds consisting of the balance from their Child Development Account (CDA) as well as annual contributions from the government.