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11-05-2007, 10:47 PM
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Baby Bonus, Parenthood Tax Rebate
It's good to have babies - enjoying the cute little ones, having family life, experiencing unconditional love, passing down your genes...
In Singapore, you even get financially rewarded for having babies. As the country is facing a dearth of babies, the government encourages procreation by giving baby bonuses and parenthood tax rebates.
If you have 1 baby, you'll be given a cash bonus of $3,000, paid out in 4 installments.
It gets better. For your 2nd baby, you'll be given another bonus of the same amount, and you and your spouse get to share a $10,000 tax rebate. If both of your taxes are assessed to be $2k a year, you don't have to pay any tax for the next 5 years! To top it off, you get to open a Child Development Account for your baby (essentially a savings account), and the government will match whatever amount you deposit, up to $6,000. You put in $6,000; the government puts in $6,000.
More to come. For your 3rd baby, the numbers are doubled - $6,000 cash bonus, $20,000 additional tax rebate, and $12,000 matching deposit.
Your 4th child also gets $6,000 bonus and $12,000 matching deposit. Tax rebate is an additional $20,000, on top of the $10,000 + $20,000 already given for your 2nd & 3rd children.
To summarize, if you have:
- 1 child, total monetary rewards from government = $3k
- 2 children, cumulative total = $3k + $3k + $10k + $6k = $22k
- 3 children, cumulative total = $22k + $6k + $20k + $12k = $60k
- 4 children, cumulative total = $60k + $6k + $20k + $12k = $98k
Wow, this is good money. So why is the birth rate still shamefully low?
http://www.salary.sg/2007/baby-bonus...od-tax-rebate/
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22-07-2007, 01:36 PM
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316
Just want to know if this baby bunos only applicable for Singaporeans? Hows about for PR's?
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22-07-2007, 03:47 PM
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317
Jenny, baby bonus is applicable as long as the baby is registered as a Singapore citizen. See www.babybonus.gov.sg , particularly this page.
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01-08-2007, 11:08 PM
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330
because, many singaporeans think the money is NOT attractive enough. Singaporeans are so use to get everything for free / subsidised. (health, tax, childbirth, housing, cpf topups and etc).
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12-11-2007, 02:18 AM
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538
Because most S'poreans do not pay income tax after existing rebates...
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01-04-2008, 11:35 AM
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1259
The Parenthood Tax Rebate is not capped as mentioned in your article. If I have 4 children, I will get 10k + 20k + 20K = 50k in total.
See:
http://www.mof.gov.sg/taxation/reliefs_rebates_table.html
http://www.iras.gov.sg/irasHome/page03.aspx?id=6054
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03-04-2008, 12:58 AM
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1275
To #8: Yes, thanks for clarifying. The mistake in the post has been rectified.
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01-08-2008, 07:01 PM
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2338
IRAS website stated that we do not need to submit any parenthood tax rebate during annual income filing if we have claimed it before. What does that mean? They will know that we have a new born 3rd or 4th child in the family?
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04-08-2008, 10:59 AM
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2356
Serene, I believe you need to submit a new claim for your new child - it is additional rebate on top of your existing rebate.
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19-08-2008, 11:56 PM
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2444
Apart from $ and c, other reasons would be social reasons such as perceived lack of time, hindrance to achieving your dreams or career goal and even lack of security between husband and wife (given relatively higher divorce rate with each passing year)...
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