TAX QUESTIONS? YOU ASK LAH!

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Q: I deposited money into the National Education Savings Scheme (SSPN) account for my child’s education. However, due to a household emergency matter, I withdrew part of the deposited amount during the year. Should I claim tax relief based on the gross or net amount deposited?

A: Withdrawals from the SSPN account due to a household emergency matter will still reduce the net savings during the year. Therefore, you are only eligible to claim tax relief based on the net amount deposited.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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