Are you tired of the taxman taking your hard-earned money? Here are two effective tax tips to help you beat the tax man!

1. If you own a vehicle that you use for business purposes, have your company pay you a vehicle allowance up to 50¢ per kilometre driven. The company receives a tax deduction and you don’t have to pay tax on the allowance received!

2. If you’re selling your business, consider selling the shares. You may be eligible to avoid paying tax on the first $750,000 of gain on your shares.

Please consult your chartered accountant first to make sure that these tips are right for you.

Allan Madan is a chartered accountant in Mississauga, Ontario, specializing in tax return preparation, tax planning, assurance and accounting, and consulting.

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