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A source familiar with the situation who asked not to be identified said Edwards is switching his residency to the U.K. for income tax reasons. Taxes forhigh-income earners inAlbertaincreased dramatically over the pastyearwith thetop federal/provincial combined marginal rate risingfrom 40.25 per cent in 2015 to 48 Veterans Memorial Museum – Fresno, California – Ramblin’ Man: Full-time RV Life per cent in 2016. In order to be considered a non-resident by Canada for tax purposes, a person must routinely live in another country or show they dont have significant residential ties to Canada by staying in the country for fewer than 183 days a year. The finance andoil and gas magnate, who is also a part owner of the Calgary Flames and ownsski resorts through Resorts of the Canadian Rockies, didnt immediately return a phone calloremailasking for comment on Thursday. The Magellan information contradictstheannual information form filed by Calgary-based Ensign Energy Services Inc. last week, in which Edwards residence is described as Calgary/Banff, as it has been for several years. He is also chairman of Ensign and holds about 16 per cent of the shares. Edwards is the executive chairman of Calgary-based Canadian Natural Resources Ltd., Canadas largest producer of heavy oil. That company hasnt filed its regulatory forms yet but the ones filed inMarch 2015 show his address as Calgary/Banff. Edwardswas listed asthe second-richest Calgarian on the Forbes list of billionaires released this monthwith afortune peggedat $1.33 billion, a fall from last years valuation of $1.8 billion due mostly to the decline in the price of oil and the value of the shares he owns.
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