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Form for Declaration of Release of SRS Fund by Product Provider - IRAS

Form for Declaration of Release of SRS Fund by Product Provider - IRAS 2025

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The document is a declaration form (FORM IR37B) for non-Singapore SRS account holders, detailing the requirements and declarations needed for withdrawals made after a 10-year parking period or for those eligible for a 15% withholding tax concession. It includes sections for personal particulars, confirmation of eligibility, and necessary signatures.

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How to use SRS for tax relief?

At retirement, you can withdraw your SRS savings over 10 years. For example, if you have $400,000 saved at age 62, withdrawing $40,000 yearly means only $20,000 (50% of $40,000) is taxable. With no other income, the first $20,000 is tax-free under current tax rates, so you wont pay any taxes.

Can you withdraw money from an SRS account?

You may withdraw your SRS savings anytime, although early withdrawals are fully subject to tax and attract a 5% penalty. SRS operator will complete Form PMP to account for the penalty on early withdrawal by Singapore Citizens and Form IR37B for Singapore Permanent Residents and foreigners.

What are the disadvantages of SRS?

If you own locked-in RRSPs, generally you will not be allowed to withdraw funds from them. If you do not know if your RRSPs are locked in, contact your RRSP issuer. If your RRSPs are not locked in, you can withdraw funds at any time.

Can I contribute to SRS after 62?

Anyone can make SRS contributions at any age, unless they have started withdrawing from the SRS: (i) at or after the statutory retirement age that was prevailing when you made your first SRS contribution, or (ii) on medical grounds.

Can I take money out of my registered savings account?

If youre aiming to reduce your taxes and are open to taking on a bit more investment risk for potentially higher returns, SRS might be more suitable. Its ideal for those who are comfortable with a long-term investment strategy and want more flexibility with their funds.

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Can I withdraw money from my SRS account?

You may withdraw the balance from the SRS account at the end of the withdrawal period. If you choose not to withdraw the balance but to leave the balance with the SRS operator, future returns from the investments will be subjected to the same tax treatment as any other investments.

How do I make SRS contributions?

Log in to digibank online with your User ID PIN. Complete the Authentication Process. Select Transfer and click To My Account. Select the Account you wish to contribute from. Select the SRS Account you wish to make your contribution to. Indicate the Amount you wish to contribute and click Next.

Form for Declaration of Release of SRS Fund by Product Provider - IRAS 2025

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How to use SRS for tax relief?

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Can I contribute to SRS after 62?

Can I take money out of my registered savings account?

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Can I withdraw money from my SRS account?

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