Opening an SRS account can help Singaporeans, PRs, and Foreigners save on income tax — the biggest appeal of the SRS account.

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.

Cancer treatments not on the CDL do not receive government subsidy, nor can claims be paid for with MediSave. They also cannot be covered by MediShield Life or IP health insurance.

CPF members can choose their CPF LIFE plan anytime from ages 65 to 70 years old on when they wish to receive their monthly payouts.

The latest age to which CPF LIFE payouts can be deferred is 70. For each year deferred, the monthly payouts will increase by up to 7%.

Thankfully, there are many tax relief schemes that you can qualify for.

By being a mother or signing up for a course to upskill, you are entitled to relief schemes that can help to subtract your taxable income by up to S$80,000. 

Full List of Items - IRAS | Tax reliefs, rebates and deductions

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.