TAX QUESTIONS? YOU ASK LAH!

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Q: I have two children. Both my husband and I have opened an SSPN account for each child. In year 2025, if each of us deposit RM8,000 into our SSPN accounts, can we both claim the RM8,000 tax relief separately in our tax returns?

A: No, starting from YA 2025, only one parent can claim the tax relief for SSPN up to RM8,000 on the net savings even if both parents deposit monies into their SSPN accounts.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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