Salary, Dividends or Both? How Canadian Startup Founders Can Plan Owner Compensation

TLDR:
Salary vs dividends Canada is key for startup founder salary and owner compensation planning to reduce tax liability. Gondaliya CPA offers guidance on corporate salary dividends, shareholder compensation, and dividend strategy for efficient founder income tax planning in incorporated business owner compensation.

Quick Summary

The choice is not really salary against dividends. It is how much of each, and the answer moves with your income level, your retirement plans, and what paperwork you are willing to run. Please note salary is deductible to the corporation while dividends are not, and that difference sits underneath every other consideration.

Reading time: 34 minutes.

The Numbers That Matter

Introduction – Salary vs Dividends for Canadian Business Owners and Startup Founders

Key Insights and Takeaways on Owner Compensation in Canada

Figuring out how to pay yourself is a big deal if you own a business or started a company in Canada. Choosing salary or dividends changes how much tax you pay and affects your finances. This guide talks about these options so you can pick what works best for you.

Addressing the core question of how founders and corporate business owners should pay themselves

Many founders wonder whether to take a salary or dividends. The answer depends on things like taxes, how much cash you need now, and your future plans. Both choices have pros and cons that affect your take-home money after taxes.

What you will learn about tax implications, compliance, and strategic owner compensation

We’ll cover how salary and dividends work in Canadian startups. You’ll see how each method changes your tax bills at the personal and company level. Plus, we explain rules from the CRA to keep things legal.

Immediate call to action for personalized consultation

If this sounds tricky, get in touch with Gondaliya CPA. They can give advice that fits your situation. Their knowledge about founder pay strategies can help you follow the rules while keeping more money in your pocket.

Defining Salary and Dividends in a Canadian Corporation

Understanding Salary as Owner Compensation and Its Tax Treatment

Salary is a usual way startup founders pay themselves from their corporation. It counts as employment income. The corporation pays the owner and takes off payroll deductions like income tax, CPP contributions, and EI premiums if needed. Paying salary lets the company reduce its taxable income by that amount.

For founders in Canada, salary adds to earned income. This earned income helps increase RRSP contribution room each year. The RRSP limit equals 18% of earned income but can’t go over the set dollar limit by CRA. This makes salary useful for saving toward retirement.

Both employee and employer must pay CPP on salaries above $3,500 and below $66,600 for 2026. Recently, CPP added a second earnings ceiling that affects some higher incomes.

The company sends T4 slips every year. These slips show total salary paid and payroll deductions made. Salaries need to be reasonable—if they seem too high or too low, CRA might check it out.

Here’s a quick overview:

• CPP Contribution Rate: Employee + Employer = 11.9% on pensionable earnings (2026)
• RRSP Dollar Limit: Lesser of $31,560 or 18% of previous year’s earned income
• Reporting Requirement: T4 slips yearly; payroll remittances monthly or quarterly

Explaining Dividends and Their Taxation from a Corporate Perspective

Dividends are payouts from profits after corporate taxes. Shareholders get them without payroll deductions like CPP or EI. For owners in Canada choosing salary vs dividends, dividends mean no source deductions and no new RRSP room.

CRA sees two main dividend types:

• Eligible Dividends: Come from higher taxed corporate income. They have a 38% gross-up and about a 15% federal tax credit.
• Non-Eligible Dividends: Usually come from small business active income with lower tax rates. They get a 15% gross-up and roughly 9% federal tax credit.

Companies report dividends with T5 slips each year for shareholders who receive them. Unlike salaries reported on T4s needing regular remittances, dividends require directors’ approval but no ongoing payroll filings.

Dividend taxation tries to balance total taxes paid at personal plus corporate levels similar to if money was taken as salary. But differences in gross-ups and credits cause some variation across provinces like Ontario.

Quick glance:

Sharad Gondaliya, CPA (Canada & USA), has over 10 years helping Canadian business owners handle these compensation choices.

Comparing Salary and Dividends – Tax, Cash Flow, and Administrative Impact

If you’re a founder in Canada, picking between salary and dividends for your pay isn’t simple. Both affect your taxes differently. Plus, they change how money flows and what paperwork you must file. Whether your startup is in Ontario or elsewhere, understanding these differences helps with tax planning and keeping things smooth.

Taxation of Salary Versus Dividends for Business Owners

When you pay yourself a salary from your corporation, the company treats it as a business expense. This lowers corporate tax. But you have to take out income tax, Employment Insurance (EI), and Canada Pension Plan (CPP) contributions first. The salary shows up on a T4 slip for your personal taxes. Then, you pay regular income tax rates based on how much you earn.

Dividends work differently. They come from the company’s after-tax profits. The corporation can’t deduct them as expenses. On your personal return, dividends get “grossed up” before taxes apply. Then, you get a dividend tax credit that stops you from being taxed twice.

Two types of dividends matter here:

• Eligible Dividends
  • Gross-up: 38%
  • Tax credit (Federal): 15.02%
  • Usually from active business income benefiting from small business deduction
• Non-Eligible Dividends
  • Gross-up: 15%
  • Tax credit (Federal): 9.03%
  • Often come from passive or investment earnings

Here’s a quick example: If an Ontario founder gets $50,000 as eligible dividends, they report $69,000 ($50k + 38%) on their tax return. The credits reduce the taxes owed compared to getting $50k salary taxed fully plus CPP.

How Each Method Affects RRSP Room, CPP Contributions, and Mortgage Eligibility

Administrative Steps and Compliance Requirements for Paying Salary and Dividends

Paying yourself a salary means your corporation needs to register as an employer with CRA if it hasn’t yet. You must deduct payroll taxes like federal and provincial income taxes at source. You also handle EI and CPP deductions and send those payments regularly—monthly or quarterly based on your threshold. Each year you give yourself a T4 slip showing total pay and deductions.

With dividends:

• Directors must pass formal resolutions authorizing dividend payments.
• The company issues T5 slips yearly listing dividends paid per shareholder.
• There are no payroll remittances or source deductions with dividends.

Missing any steps can lead to fines or other legal troubles under Canadian law.

Summary table of key compliance items:

In practice, many founders combine salary and dividends to balance cash flow with tax benefits while keeping paperwork manageable under Canadian rules.

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Reading time: approximately 7 minutes

How to Pay Yourself with a Salary

Paying yourself a salary from your incorporated startup means following some clear steps. You must handle payroll properly, take out the right taxes, and stick to CRA rules. When you get a salary, you build RRSP room and both you and your company pay CPP contributions.

Step-by-step Process to Set Up Payroll and Pay Corporate Salary

To start paying yourself legally in Canada:

• Register for a payroll account with the CRA.
  • This lets you send in income tax deductions, EI premiums if they apply, and CPP contributions. The current combined CPP rate is 11.9% on earnings between $3,500 and $70,000 (2026 max).
• Figure out your gross salary based on what’s reasonable for your job.
• Use CRA payroll tables to deduct federal and provincial taxes.
• Send all withheld taxes plus employer CPP parts every month or quarter before deadlines.
• Give yourself a T4 slip every year showing total pay.

These steps keep you within the reasonable compensation doctrine that says your salary should match your actual work.

Important Documentation: Directors’ Resolutions, Payroll Records

You have to keep good paperwork when paying salaries. Your corporation’s board needs to pass directors’ resolutions saying how much salary you get each period. These records back up your salary if the CRA checks.

Also keep:

• Pay stubs or earnings statements
• Receipts of source deductions paid
• Copies of T4 slips filed by February 28 after the year ends

This paperwork stops problems about how you pay yourself or missed reports.

Ensuring Reasonable Compensation in Line With CRA Expectations

The CRA expects salaries to be fair — not too high or low for the job. If it looks off, they can reassess or reclassify under subsection 67(2).

Remember tax integration: corporate taxes plus personal taxes should balance out whether you use salary or dividends. Salaries add to RRSP room; dividends do not but avoid CPP costs.

Talk to pros who can help pick a good mix of salary and dividends that fits legal rules and saves tax.

Common Errors and How to Avoid Them

Watch out for these common mistakes:

• Not registering payroll accounts on time causes penalties
• Missing remittance deadlines brings fines and director liability
• Forgetting to issue correct T4 slips results in penalties
• Paying unreasonable salaries triggers audits

Avoid these by keeping records neat, following CRA deadlines strictly, checking compensation with pros regularly, and using CPA help for compliance.

How to Withdraw Money as Dividends

Dividends give flexible income without CPP costs but come with different tax rules. The dividend gross-up makes your taxable income higher but dividend tax credits reduce the tax owed.

How To Declare And Distribute Dividends Legally And Tax-Efficiently

You must approve dividends formally with directors’ resolutions. These show amounts, type (eligible or non‑eligible), payment dates, and who gets paid based on shares.

Eligible dividends get better federal tax credits because they come from active business profits taxed at lower rates than non‑eligible ones that usually come from passive income.

Using proper resolutions helps with timing and avoids surprises on tax bills next year.

Preparing Dividend Resolutions And Issuing T5 Slips

Keep detailed minutes of all dividend declarations as Corporations Canada requires.

After paying dividends each year, prepare T5 slips listing amounts paid per shareholder. File them by the last day of February after the fiscal year ends.

Late filings bring fines—$25 per slip up to $7,500 max—so file on time!

Good record keeping helps if an audit happens, especially when there are many share classes needing exact allocation.

Planning Dividend Payments To Minimize Tax Impact And Avoid Surprises

Choosing eligible vs non‑eligible dividends depends on where profits come from:

• Active business profits usually qualify as eligible (38% gross-up)
• Passive investments yield non‑eligible dividends (15% gross-up)

Capital Dividend Accounts let you pay some capital gains tax-free — handy beyond regular taxable dividends.

Timing payments when your personal tax rate is low helps reduce total taxes across family members.

Managing Cash Flow And Timing Considerations For Dividend Distributions

Unlike salaries that need steady cash for regular payments plus remittances, dividends can be paid irregularly based on cash availability.

This suits startups with unpredictable income who want flexible access to funds without payroll overheads or mandatory deductions.

Common Pitfalls And Ways To Manage Compliance

Doing both salary and dividend payments adds complexity fast without help.

A CPA can keep track of reminders and rules so you don’t miss anything. This cuts errors while making sure you follow all laws for paying yourself in Ontario or Toronto.

References

1. CRA – CPP Contribution Rates
2. CRA – Payroll Deductions Remittance Schedule
3. CRA – Filing Information Returns – T-slips
4. 4–24 Various sections adapted from official Canadian Revenue Agency publications on Owner Compensation Planning

Sharad Gondaliya, CPA (Canada & USA), has over 10 years helping Canadian business owners manage their finances.

Combining Salary and Dividends: Mixed Strategies and When It Makes Sense

When Canadian founders decide how to pay themselves, mixing salary and dividends often works well. Salary gives you RRSP contribution room and counts toward CPP benefits. Dividends, on the other hand, are easier to handle and come with tax credits.

Founders usually take a salary to build earned income for retirement and government perks. Dividends then top up cash flow without payroll taxes or CPP contributions. This combo suits incorporated businesses that want flexible ways to manage personal taxes alongside profits.

Bottom line: Many Canadian startup founders find a mix of salary plus dividends helps balance retirement savings with taking money out of their corporation efficiently.

Other Methods of Tax-Efficient Compensation

Besides salaries and dividends, there are other ways to save on taxes when paying yourself from your startup in Canada:

• Capital Dividend Account (CDA): The CDA lets corporations pay out certain tax-free amounts like capital gains or life insurance proceeds as capital dividends³. Founders should watch their CDA balance when planning payouts.
• Shareholder Loans: These loans let you borrow money from your corporation temporarily but must follow strict rules under subsection 15(2) of the Income Tax Act´. You need good records.
• Bonuses: Paying bonuses through payroll increases corporate expenses but also means you must handle payroll deductions just like regular salaries.
• Retirement Compensation Arrangements (RCA): RCAs offer deferred compensation plans funded by the corporation but involve complex rules.

These methods add options for taking money out or deferring taxes while following CRA rules.

Timing, TOSI Rules, Income Splitting Family Members Canada & Small Business Deduction Considerations

When you choose when and how to pay yourself or family members, timing matters because of key rules like TOSI, income splitting limits, and small business deductions:

• TOSI Rules: These rules limit who can get dividends without extra tax unless shares qualify as excluded or the business is active³. Founders must check if family shareholders fall under these rules.
• Income Splitting Limits: You must think carefully before paying family members. Adult kids’ eligibility has tightened if they don’t work actively in the business´.
• Small Business Deduction Limit: Businesses get a special tax rate on up to $500,000 of taxable income³. High salaries reduce net profit, which affects this limit indirectly.

Also, dividend payments need directors’ resolutions before the fiscal year-end under Ontario law´.

¹ CRA – Payroll Deductions Online Calculator Guide
² CRA – Eligible vs Non-Eligible Dividends Explained
³ CRA – Registered Retirement Savings Plan (RRSP) Contribution Limits
⁴ CRA – Enhanced CPP Contributions & Second Earnings Ceiling Details
⁵ Corporations Canada – Capital Dividend Account Guidance
⁶ Income Tax Act Subsection 15(2) – Shareholder Loan Provisions
⁷ CRA – Updated TOSI Rules Overview
⁸ CRA – Family Member Income Splitting Restrictions
⁹ Federal Small Business Deduction Thresholds & Rates
¹º ServiceOntario – Corporate Records & Directors’ Resolutions Requirements

Case Examples and Real-World Scenarios for Startup Founders

If you’re a startup founder in Canada, deciding how to pay yourself can feel tricky. Should you take salary? Dividends? Or maybe both? Each choice affects your taxes, retirement savings, and the way your company runs. Let’s look at some real examples to make these ideas clearer. We’ll talk about salary vs dividends Canada, how to plan before selling your startup, paying your team with options and RSUs, and what you need to watch for with CRA compliance.

Scenarios Comparing Salary and Dividends at Different Income Levels

How much you earn changes which option works best—salary or dividends.

At lower incomes, say under $60K, salary makes sense. It creates RRSP room because RRSP contributions depend on earned income. For 2026, the max RRSP contribution limit is $31,560^{[^1]}. Also, salary triggers CPP contributions up to the maximum pensionable earnings (YMPE) of $70,700 in 2026^{[^2]}. This means you build retirement benefits for later.

Dividends don’t add RRSP room and don’t require CPP payments. But they get tax breaks like dividend tax credits. Eligible dividends have a federal gross-up rate of 38%, while non-eligible dividends are grossed up by 15%^{[^3]}. The tax credit lowers the amount of tax you pay on dividends. For higher incomes where CPP maxes out or cash flow matters more than building retirement savings, dividends can save payroll costs.

Here’s a quick look:

• Low Income Scenario
  • Corporate profit: $100K
  • Salary: $50K
  • Dividends: None
  • CPP paid: Yes (up to YMPE)
  • RRSP room: Big increase
  • Complexity: Moderate
• High Income Scenario
  • Corporate profit: $500K
  • Salary: $150K
  • Dividends: Remaining profit after salary
  • CPP paid: Yes (max YMPE)
  • RRSP room: Limited growth
  • Complexity: Higher

Lower-income founders usually gain more from salaries that boost retirement funds. At higher levels, mixing salary and dividends often balances tax savings with cash needs.

Planning Compensation Ahead of a Startup Sale

When you’re getting ready to sell your startup, how you pay yourself matters a lot for taxes.

You want to manage your income carefully around the small business deduction limit — it’s $600K federally in 2026^{[^4]}. Also, your company might have a capital dividend account (CDA). CDA lets you pay out certain tax-free amounts like capital gains or life insurance proceeds as capital dividends instead of regular taxable ones^{[^5]}.

Here’s the catch:

• Too much salary cuts corporate profits and might reduce small business deductions.
• Paying eligible dividends helps keep CDA benefits intact.

You need the right timing here so you don’t end up paying more tax than necessary during the sale. Also, make sure all dividend payments are properly approved with directors’ resolutions per Corporations Canada rules^{[^6]}.

Compensating Teams: Options, RSUs, and Cross-Border Considerations

Founder compensation in Canada isn’t just about paying yourself. Many startups share ownership or pay family members too. But CRA’s Tax on Split Income (TOSI) rules keep this tricky^{[^7]}.

If you pay family members a salary through your corporation, it must be fair based on work done. Paying them dividends risks TOSI penalties unless they own shares that meet specific tests or actively work in the business^{[^8]}.

Equity rewards like Restricted Stock Units (RSUs) get even more complex when teams span countries. U.S.-Canada tax treaties affect withholding and reporting rules there.

To keep things clean:

• Follow payroll rules with proper remittances.
• File correct T4 slips for salaries.
• File T5 slips for dividends each year^{[^9][^10]}.

Related Resources, Compliance, and Next Steps

It’s important to follow CRA rules when paying yourself from your corporation anywhere in Canada:

• Salaries mean payroll registration and remitting deductions like CPP and EI unless exempted for self-employed owners^{[^11]}.
• Dividends must be declared formally by directors.
• You have to file T4 slips for salaries paid and T5 slips for dividends each year.

Missing payroll remittances can lead to fines or personal liability for directors under Ontario law^{[^12]}. Wrong moves on shareholder loans can trigger reassessments if CRA sees disguised wages^{[^13]}.

Make sure all dividend declarations have proper board minutes per Corporations Canada guidelines^{[^6]}.

Professional corporations have their own owner-pay rules depending on provincial regulators^[14].

If you want help making sense of owner compensation planning tailored to your startup structure call Gondaliya CPA at 647‑212‑9559 or email info@gondaliyacpa.ca for a free chat about paying yourself properly within CRA rules.

References

1. CRA – RRSP Contribution Limits
2. CRA – CPP Maximum Pensionable Earnings
3. CRA – Eligible vs Non-Eligible Dividends
4. Small Business Deduction Limit – Federal Budget Update
5. Capital Dividend Account Overview – CRA
6. Corporations Canada – Declaring Dividends Requirements
7. Tax on Split Income Rules – CRA Guidance
8. Excluded Shares Criteria & Reasonableness Tests – CRA Interpretation Bulletin IT–533R3

Note: Professional corporation references available upon request.

Sharad Gondaliya, CPA (Canada & USA), has over a decade of experience advising Canadian business owners on paying themselves right through their corporations across tech startups and real estate companies mainly in Toronto/Ontario area.

FAQs on Salary vs Dividends and Owner Compensation in Canada

Key Points on Owner Compensation Planning Costs and Compliance

• DIY compensation planning risks errors with CRA rules, leading to penalties.
• Payroll software can automate deductions but may miss complex tax strategy nuances.
• Registered CPA firms provide expert guidance tailored to startup founder needs.
• CPA firms like Gondaliya CPA offer compliance assurance with Ontario laws.
• Owner compensation planning costs vary based on complexity and services offered.
• Planning deliverables include customized salary-dividend mix recommendations.
• Risk mitigation includes avoiding CRA reassessments, late filings, and excessive pay issues.
• Prevention controls include timely remittances, proper resolutions, and accurate slip issuance.
• Founders should prepare detailed records of compensation decisions before setting pay.
• Industry-specific owner pay rules differ; consulting specialists ensures compliance across sectors.
• Glossaries of key terms help founders understand technical concepts during planning.

Choosing the Right CPA Firm in Toronto/Ontario for Owner Compensation

• Look for firms Registered in Ontario with experience in founder compensation.
• Check reviews; Gondaliya CPA boasts 1300+ 5-star Google ratings for client satisfaction.
• Assess if they provide personalized tax planning aligned with your startup’s goals.
• Ensure clear communication about costs and expected deliverables upfront.
• Verify knowledge of CPP YMPE updates, TOSI rules, and Small Business Deduction limits.
• Confirm support for mixed salary-dividend strategies to optimize RRSP room and tax savings.

The right mix shifts by sector. Here are eleven and what usually drives the decision in each.

• Technology startups & SaaS: Founders often start with a salary under YMPE to bank RRSP room, then layer dividends on once the company is reliably profitable.
• E-commerce & online retailers: Revenue arrives in bursts, and dividends can follow the cash rather than committing the company to a fixed payroll obligation.
• Consulting Firms: A steady salary evens out a lumpy year, and the deduction to the corporation matters more here because margins are largely labour.
• Construction, general contractors & skilled trades: Equipment financing and mortgages both want T4 income, which usually tips the balance toward salary regardless of the pure tax answer.
• Property developers & builders: Salary reduces corporate profit, which interacts with the small business deduction shared across associated project corporations.
• Real estate investors, landlords & holding companies: Passive earnings generally produce non-eligible dividends, and there is often no active role to justify a salary at all.
• Transportation, logistics & trucking: Fleet finance applications look for documented earnings, so a T4 salary is worth more than the equivalent dividend on paper.
• Restaurants & food and beverage: Cash is tight and payroll is already running for staff, so the owner salary is easy to add but is usually kept modest.
• Daycare, childcare & CWELCC services: Funding reporting is built around payroll, which makes a documented salary the simpler route for the operator.
• Dentists & dental practices: A mix is common, but the college decides who may hold shares, which narrows the dividend options before tax planning starts.
• Medical doctors & physician professional corporations: The same restriction applies, and TOSI further limits paying dividends to family who are not active in the practice.

Professional Guidance on Owner Compensation: How Gondaliya CPA Supports Canadian Founders

Owner compensation looks like one decision and behaves like several. You need the mix set, the payroll account registered, the remittances scheduled, the directors’ resolutions signed on time, the T4 and T5 slips filed by the end of February, and the TOSI position checked wherever family members hold shares. Gondaliya CPA handles owner compensation planning and the payroll compliance behind it for Canadian startups.

We handle the work that determines your after-tax result: modelling the salary and dividend mix against your income level, registering and running payroll, preparing the resolutions, filing both slip types, and reviewing the position each year as your income and RRSP room change.

Our team follows CRA practice closely and builds the plan around your own facts rather than a rule of thumb. Whether you are paying yourself for the first time, switching approach, or preparing for a sale, we give clear advice based on the current rules.

• Combined CPP rate: 11.9% on pensionable earnings
• CPP starts above: $3,500 of salary
• RRSP dollar limit: $31,560, or 18% of earned income
• Eligible dividend gross-up: 38%
• Non-eligible dividend gross-up: 15%
• Federal credit, eligible: About 15%
• Federal credit, non-eligible: About 9%
• T4 and T5 deadline: Last day of February
• Late slip penalty: $25 per slip, up to $7,500
• Remittance frequency: Monthly or quarterly by CRA threshold

• For: Incorporated Canadian founders deciding how to pay themselves, owners revisiting a mix set years ago, and those planning around a mortgage application or a business sale.
• Not For: Unincorporated sole proprietors, who draw from the business rather than choosing between salary and dividends, and employees of a company they do not own shares in.

• Salary: Employment income paid through payroll, deductible to the corporation.
• Dividend: A distribution of after-tax corporate profits to shareholders.
• Eligible dividend: A dividend carrying a 38% gross-up and the higher tax credit.
• Non-eligible dividend: A dividend carrying a 15% gross-up and the lower tax credit.
• Gross-up: The increase applied to a dividend before personal tax is calculated.
• Dividend tax credit: The credit that offsets tax already paid at the corporate level.
• T4 slip: The annual slip reporting salary and payroll deductions.
• T5 slip: The annual slip reporting dividends paid to a shareholder.
• CPP: The Canada Pension Plan, contributed on salary by employee and employer.
• YMPE: The maximum pensionable earnings on which CPP contributions apply.
• RRSP room: Contribution capacity generated by earned income such as salary.
• Source deductions: Amounts withheld from salary and remitted to the CRA.
• Directors’ resolution: The formal record authorising a dividend declaration.
• TOSI: Tax on Split Income, limiting dividends to inactive family members.
• Capital Dividend Account: The account allowing certain tax-free distributions.
• Reasonable compensation: The CRA expectation that pay matches the work performed.

Owner Compensation Mix Check

This quick self-check flags which compensation factors apply to you. Please answer the six questions below.

Want a checklist to work from? You can download our free owner compensation checklist before your consultation.

Salary vs Dividends Canada: Founder Compensation, Corporate Salary Dividends, and Startup Tax Planning Insights

Next Steps

Contact Gondaliya CPA at info@gondaliyacpa.ca or call 647‑212‑9559 for expert help with salary vs dividends decisions. Get tailored advice that fits your unique startup situation under current Canadian tax laws. Protect your business by choosing Registered professionals experienced in Ontario compliance standards. If our content helps, please add gondaliyacpa.ca as a preferred source on Google.

Published: July 10, 2026  ·  Last updated: July 10, 2026

Editorial policy: We research against CRA and CPA Canada sources, fact-check the figures, and Sharad Gondaliya, CPA, reviews the content, which we update as the rules change.

Disclaimer: This article is educational information only and is not tax, legal, or financial advice. Figures marked illustrative are examples rather than quotes or guarantees. It reflects CRA rules current to 2026, including the 11.9% combined CPP rate, the $31,560 RRSP dollar limit, the 38% and 15% dividend gross-ups, and the end of February slip filing deadline. Rates, thresholds, and rules change and outcomes depend on your specific facts. Please consult a Registered CPA before acting.