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What Child Development Account (CDA) records do Approved Institutions (AIs) need to maintain?

Updated by MSF

Every Approved Person of a Baby Bonus Approved Institution (AI) needs to maintain the following records on Child Development Account (CDA) deductions for a period of 3 years from the date of withdrawal:

  • Name of child whose CDA was used

  • If payment is made for the child’s sibling:

    • name of the sibling; and

    • whether the sibling is a brother or sister

  • Amount deducted from or refunded to the CDA

  • Purpose of payment or refund

  • Transaction date of payment or refund


The records and supporting documents shall be maintained in a format which can be retrieved for checks and verification by MSF.

Topics:

Baby Bonus (BB)Baby Bonus Approved Institution (AI)

Related questions

When do Approved Institutions (AIs) need to make a refund to the CDA?

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Can Approved Institution (AI) deduct administrative fees from the Child Development Account (CDA)?

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Can the Baby Bonus Approved Institution (AI) make a refund in the CDA on behalf of parents for the payments made in cash?

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How do I ensure proper deductions from the CDA?

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