Nguyen Scott LLP

Nguyen Scott LLP Chartered Professional Accountant, Chartered Accountant We have three convenient Alberta locations to better serve your needs in St.

Nguyen Scott LLP is a Chartered Professional Accounting firm and has been locally-owned and operated for over 24 years. We serve small and medium-sized businesses, covering a wide range of industries and professions, including: financial services, medical practices, retail, construction, transportation, real estate, oil and gas-related services, farming, and not-for-profit and charitable organizations. Albert, Leduc, Edmonton and surrounding areas, and Drayton Valley.

If you have ever applied for a business loan, signed a commercial lease, or approached a supplier for a trade credit lin...
06/03/2026

If you have ever applied for a business loan, signed a commercial lease, or approached a supplier for a trade credit line, you have probably been asked for financial statements. And if you are like most small business owners, you have either sent your accountant a panicked email or wondered whether your bookkeeping printouts would be sufficient.

They are not sufficient. Here is what you actually need and what it means.

A Notice to Reader — formally called a Compilation Engagement under current Canadian accounting standards — is a set of financial statements prepared by a Chartered Professional Accountant based on information provided by your management. The CPA does not audit or verify the numbers. They compile them into a professionally formatted report, apply their professional judgment to identify obvious errors or inconsistencies, and sign the compilation report.

The NTR package for a typical Alberta small business includes a compilation report, a balance sheet, an income statement, a statement of retained earnings, and notes to the financial statements. The notes matter — they disclose accounting policies, related-party transactions, and commitments that materially affect the numbers.

Nguyen Scott LLP prepares Notice to Reader financial statements for businesses across Edmonton, St. Albert, Leduc, and Drayton Valley. Contact us today for your complimentary consultation.

Read the full guide: https://nsllp.ca/blog-notice-to-reader-alberta-business-financial-statements/
Book a complimentary consultation: https://nsllp.ca/contact-us/
Test your tax knowledge: https://nsllp.ca/tax-quiz/

06/02/2026

Farming in Alberta carries a unique set of tax provisions that exist nowhere else in the tax code — and many farm operators are either not using them fully or are unaware they exist.

The Lifetime Capital Gains Exemption (LCGE) is one of the most valuable tax benefits available to farm families. For 2025, the LCGE exemption for qualified farm property is $1,250,000 per eligible individual — meaning a couple who has owned and operated a qualifying farm can potentially shelter up to $2,500,000 in capital gains on a sale entirely from tax. Qualifying for the exemption requires meeting specific ownership and use conditions, and planning well in advance of any sale is essential. This is not something to figure out at the closing table.

Intergenerational farm transfers — passing the farm from parent to child — have specific rules under the Income Tax Act that, when structured correctly, allow the transfer to occur on a tax-deferred or tax-advantaged basis. The rules were updated in recent years, and the window of planning opportunity around a properly structured transfer is significant. Navigating this requires a CPA who understands both the tax mechanics and the practical realities of farm succession.

Nguyen Scott LLP has served farming families in the Drayton Valley and surrounding areas for years. We understand the seasonal nature of farming income, the family dynamics of farm succession, and the specific tax provisions that exist to recognize the unique contribution of Alberta's agricultural sector. If your accountant is treating your farm like any other business, you are probably leaving significant money behind.

Connect with a CPA who understands farming → https://nsllp.ca/contact-us/

06/01/2026

Skin and laser clinics, medical aesthetics practices, and cosmetic treatment businesses occupy a unique and often confusing space in Canadian tax law — because the GST treatment of your services depends not just on what you do, but on who performs it and under what regulated framework.

For incorporated skin clinics and medical aesthetics businesses, this creates a significant bookkeeping obligation: every service must be categorized correctly as taxable, zero-rated, or exempt, and input tax credits can only be claimed proportionally on expenses that relate to taxable activities. If your clinic has been treating all revenue as GST-taxable (or, worse, not collecting GST on taxable cosmetic services because a previous accountant told you it was all exempt), a review is overdue.

Beyond GST, aesthetics businesses face the same corporate planning opportunities and challenges as other health-adjacent professionals: the salary-dividend mix, the TOSI rules if family members are involved, equipment depreciation for lasers and treatment devices (which are significant capital investments), and the potential for holding company structures to protect retained earnings from professional liability.

This is a specialized area of tax and accounting, and it requires a CPA who understands both the regulatory framework and the commercial realities of running a cosmetic treatment business. Nguyen Scott LLP serves aesthetics and skin clinic owners across St. Albert, Leduc, and central Alberta. If you have questions, we are here for a conversation.

Book a complimentary consultation → https://nsllp.ca/contact-us/

05/29/2026

Incorporation is one of the most consequential financial decisions a self-employed person can make — and it is also one of the most misunderstood. The decision is not automatic, and it is not right for everyone, but there are specific thresholds at which the tax advantages become compelling. As a chartered professional accountant, this is a conversation we have regularly, and the honest answer depends on your income, your personal needs, and your long-term plans.

The primary tax advantage of incorporation in Alberta is the small business deduction: a Canadian-controlled private corporation pays a combined federal and Alberta tax rate of 11% on the first $500,000 of active business income. A sole proprietor earning $200,000 of net business income, by contrast, will pay personal tax at Alberta's highest marginal rates on a significant portion of that income. The difference can be tens of thousands of dollars per year — money that, when left in the corporation, can be reinvested in the business or held for future retirement income.

The catch: incorporation comes with its own compliance costs. A corporation must file both a federal T2 and an Alberta AT1, maintain a separate corporate bank account, prepare annual financial statements, and manage the tax and legal obligations of a separate legal entity.

Other reasons to consider incorporation beyond taxes: liability protection for your personal assets, succession planning, and the ability to income-split with family members within CRA guidelines. These benefits can be compelling even when the tax math alone is borderline.

If you have been running as a sole proprietor and wondering whether it is time to make the move, a free 30-minute consultation with our team is the right first step.

Is incorporation right for you? Let's talk → https://nsllp.ca/contact-us/



05/28/2026

Nguyen Scott LLP has been part of this community for over 24 years. Our team knows the local business landscape — which industries are growing, how seasonal cycles affect cashflow for local operators, and how decisions made at the provincial and municipal level affect our clients.

With a large regional or national firm, you typically get a relationship manager and a rotating team of staff accountants. At Nguyen Scott LLP, the relationship is with a senior CPA who understands your full situation — not just your most recent return.

What that means in practice: when you buy a commercial property, we are already thinking about the GST implications. When you have a good year, we are proactively looking at the salary-dividend mix before December 31. When the CRA writes to you, you call us and we navigate it together. That kind of proactive, informed advising is what we mean when we say personalized service.

We are proud to have been named one of the Top 3 Accounting Firms in St. Albert by ThreeBestRated.ca. More than the recognition, we are proud of the 24-year relationships, the referrals from clients who trust us enough to send their family and colleagues, and the businesses in this city that have grown alongside us. If you are looking for that kind of accountant, we would love to be the team you call.

Meet the Nguyen Scott LLP team. Book your complimentary consultation today → https://nsllp.ca/contact-us/ | Call: 780-458-5479

We have worked with small and medium-sized businesses across Edmonton and central Alberta for over 24 years. The same er...
05/27/2026

We have worked with small and medium-sized businesses across Edmonton and central Alberta for over 24 years. The same errors come up year after year, across industries, business sizes, and structures. They are not exotic or unusual. They are completely preventable — and they cost business owners real money every time.

Here are the seven that matter most:

1. Mixing personal and business expenses. The CRA treats personal benefits received through a corporation as shareholder benefits — taxable income to you, not a deductible expense of the business.

2. Misclassifying employees as independent contractors. The CRA applies its own classification test regardless of what the agreement says. If the relationship is employment, back-payroll remittances, interest, and penalties follow.

3. Missing instalment payment deadlines. Corporate tax instalments are due throughout the year — not just at filing time. The CRA charges instalment interest on shortfalls even when the full balance is paid at year-end.

4. Claiming capital expenditures as operating expenses. Getting this wrong is one of the most reliably flagged errors in CRA reviews.

5. Inadequate record keeping. The CRA requires six years of records. Bank statement summaries without underlying receipts, absent mileage logs, discarded documentation — these are the things that cause legitimate deductions to be disallowed in an audit.

6. Not understanding the associated corporation rules. The $500,000 small business deduction limit is shared across associated corporations — it is not $500,000 per entity.

7. Filing the T2 on time but paying late. The filing deadline and the payment deadline are different. For most CCPCs, the balance is due two months after fiscal year-end. The return is due six months after.

Read the full guide: https://nsllp.ca/the-7-most-common-tax-mistakes-edmonton-businesses-make-and-how-to-avoid-them/

05/26/2026

Chiropractors, physiotherapists, massage therapists, and other regulated health professionals who have incorporated in Alberta have access to tax planning tools that some general accountants do not fully optimize. The starting point is the same as for medical and dental professionals: the small business deduction gives your corporation an 11% combined tax rate on the first $500,000 of active business income. But the planning opportunities go considerably deeper than that.

One frequently overlooked area for health practitioners is GST. Many health services provided by regulated practitioners — chiropractic, physiotherapy, massage therapy, occupational therapy — are GST-exempt in Canada. This means you do not collect GST on those services, and you also cannot claim input tax credits on related expenses. If your practice provides both exempt and taxable services (for example, retail sales of supplements or braces), you must track these carefully and claim ITCs only on the portion that relates to taxable supplies. The rules are specific and getting them wrong is a common source of CRA adjustments.

Nguyen Scott LLP works with health professionals across St. Albert, Leduc, and the greater Edmonton area. We understand the regulatory environment, the professional corporation structure requirements under the Alberta Health Professions Act, and the specific tax planning tools relevant to your practice.

Serving health professionals across St. Albert, Leduc, Drayton Valley, and the Edmonton Area→ https://nsllp.ca/contact-us/

05/25/2026

Retail businesses in Leduc and surrounding areas deal with accounting complexity that is easy to underestimate: inventory valuation, shrinkage, returned goods, seasonal stock fluctuations, and GST on a diverse range of products that may not all have the same tax treatment. If these areas are not being managed carefully throughout the year, tax time becomes a reconciliation exercise rather than a straightforward filing.

Inventory valuation matters for tax because the method you use — first-in-first-out (FIFO), average cost, or specific identification — affects the cost of goods sold in any given period, and therefore your taxable income. The CRA does not prescribe a specific method, but it does require consistency. Changing methods without proper documentation can trigger questions. For retailers carrying high-value inventory, the choice of method can have meaningful tax implications.

GST compliance for retail can be deceptively complex. Most goods sold at retail attract GST, but basic groceries, prescription drugs, and certain other items are zero-rated or exempt. Mixed-product retailers — a natural food store that carries both groceries and supplements, for example, or a pharmacy that sells both prescription and over-the-counter items — need to track taxable versus non-taxable supplies accurately for both GST collection and input tax credit purposes.

Nguyen Scott LLP works with retail business owners in Leduc and across central Alberta. Whether you run a boutique, a hardware store, a specialty food shop, or a multi-location operation, we bring accounting and tax expertise that is relevant to the specific challenges of your industry. Accurate books throughout the year, not just at year-end, are the foundation of a well-run retail operation.

Talk to a CPA who knows retail → https://nsllp.ca/contact-us/ | Call Leduc: 780-458-5479

05/22/2026

This is one of the most important questions an incorporated business owner can ask. A T2 Corporation Income Tax Return must be filed with the CRA within six months of the corporation's fiscal year-end. If your fiscal year ends December 31, your T2 is due June 30. If it ends March 31, your return is due September 30. Alberta requires a separate AT1 provincial return on the same timeline, filed directly with the Government of Alberta's Tax and Revenue Administration.

The payment deadline is different from the filing deadline — and this is where many business owners are surprised. For most Canadian-controlled private corporations (CCPCs) that have claimed the small business deduction and qualify, the balance owing is due two months after fiscal year-end, not six. For other corporations, the balance is due three months after year-end. Interest begins accruing on unpaid balances after the payment due date, not the filing due date.

If you file late, the CRA charges a late-filing penalty of 5% of any balance owing, plus 1% per full month the return is late to a maximum of 12 months. If the corporation has been charged a late penalty in prior years, those rates increase. For Alberta provincial returns filed late, the Government of Alberta's Tax and Revenue Administration applies its own penalty and interest structure.

We recommend that business owners know their corporate fiscal year-end, confirm whether the two- or three-month payment deadline applies to them, and ensure their accountant has the year-end on the calendar with enough lead time to file and advise on the payment. Nguyen Scott LLP manages these timelines for our corporate clients in St. Albert, Leduc, and Drayton Valley — and we start conversations early, not at the deadline.

Get your corporate tax managed here. Start with a conversation → https://nsllp.ca/contact-us/

05/21/2026

Salons and beauty businesses in St. Albert operate under a variety of business models — and each one has different tax and compliance implications that business owners need to understand. If you rent chairs or booths to stylists, estheticians, or nail technicians, the way those arrangements are structured determines whether those individuals are independent contractors or employees for CRA purposes. This distinction affects payroll obligations, GST responsibilities, and liability in ways that a poorly drafted agreement can leave dangerously ambiguous.

Sole-operator salons and spas have their own set of considerations: tracking product inventory and cost of goods against service revenue, distinguishing between taxable and GST-exempt or zero-rated supplies, managing home-office deductions for administrative work done off-site, and planning for the personal tax implications of sole proprietorship income versus incorporation. Many single-chair operators reach a revenue level where incorporation becomes tax-advantageous — and most are not having that conversation proactively.

Capital investments in salon equipment are eligible for Capital Cost Allowance deductions and should be tracked correctly from the day of purchase. Mixing business and personal expenses is one of the most common errors in owner-operated salons, and one of the most reliably flagged in CRA reviews. Clean records and a dedicated business bank account are foundational to defensible returns.

Nguyen Scott LLP understands the beauty industry and the mix of artistic entrepreneurship and business complexity that defines it. We serve salon and spa owners across St. Albert and the greater Edmonton area with bookkeeping, personal and corporate tax, and advisory services that are practical, approachable, and tailored to your business.

Book your complimentary, no-pressure consultation → https://nsllp.ca/contact-us/

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203, 12 Perron Street
Saint Albert, AB
T8N1E4

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 4pm

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