TAX QUESTIONS? YOU ASK LAH!

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Q: In year 2025, I have deposited money into the National Education Savings Scheme (SSPN) account for my child’s education. However, I also withdrew part of the deposited money during the year to finance her higher education costs. Should I claim tax relief based on the gross or net amount deposited?

A: Starting from YA 2025, withdrawals from the SSPN account made to finance higher education costs will not be considered in calculating the net savings for that particular year. Therefore, you are eligible to claim tax relief based on the gross amount deposited.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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