Murray Edwards Changes Residency from Calgary to London

[Ozy_Flame]

Once again, has anyone actually asked Edwards or found out for certain why he moved? I'm guessing not - and therefore, no one knows the real answer, as much as some may pretend to know.

[Sliver]

Originally Posted by OMG!WTF!

Sliver 100% doubts Edwards is moving to save on taxes. Lots of people here have doubted the move is tax related. Why would people who live in China worry about out taxes? You confused?

You have to be a nut to think he moved there for any other reason than that's where he wanted to live. If he wanted to live in Calgary, he would live in Calgary and just pay more taxes. BFD.

[Coach]

Originally Posted by Sliver

You have to be a nut to think he moved there for any other reason than that's where he wanted to live. If he wanted to live in Calgary, he would live in Calgary and just pay more taxes. BFD.

C'mon Sliver, you're welcome to disagree, but you don't have to be a 'nut' to think that a rich person will change their residency (ie not necessarily 'move') to a place with lower taxes specifically for that reason.

We have clients that don't have a 100th of the wealth that Edwards has that are doing the exact same thing.

[Locke]

Originally Posted by Ozy_Flame

Once again, has anyone actually asked Edwards or found out for certain why he moved? I'm guessing not - and therefore, no one knows the real answer, as much as some may pretend to know.

Are you doing this for fun or are you genuinely this obtuse?

Sure, London is a nice place, but I doubt its just a coincidence that it has tax breaks for wealthy ex-pats.

[Sliver]

Originally Posted by MattyC

C'mon Sliver, you're welcome to disagree, but you don't have to be a 'nut' to think that a rich person will change their residency (ie not necessarily 'move') to a place with lower taxes specifically for that reason.

We have clients that don't have a 100th of the wealth that Edwards has that are doing the exact same thing.

If you are a multi billionaire, you can live wherever you want on the whole planet. I have no doubt Edwards is living exactly where he wants to live.

[Ozy_Flame]

Originally Posted by Locke

Are you doing this for fun or are you genuinely this obtuse?

Sure, London is a nice place, but I doubt its just a coincidence that it has tax breaks for wealthy ex-pats.

I don't think it's obtuse to get confirmation from Edwards.

There's something about hard evidence that well, is just downright awesome.

[RougeUnderoos]

Originally Posted by OMG!WTF!

Sliver 100% doubts Edwards is moving to save on taxes. Lots of people here have doubted the move is tax related. Why would people who live in China worry about out taxes? You confused?

No, I think you are, now that you ask.

It was your link that pointed out London is a haven for wealthy people, including wealthy Chinese people. I don't know what their tax situation is in China. I would imagine it's pretty good. But as you pointed out, they still move there.

So the point is, it's kind of hard to say that this Canadian guy is moving to London based entirely on the tax burden imposed by the goddamn liberals and NDP, when wealthy people from all over the world flock to that exact city.

There might be something more to it than taxes. But I'm sure it plays a part, which I've said all along.

Edit:
And on that note, I'm finished with this subject. It's kind of creepy, all of us sitting around pontificating (or pretending to know his personal motivations) on where this guy lives and why he lives there.

[Coach]

Originally Posted by Ozy_Flame

I don't think it's obtuse to get confirmation from Edwards.

There's something about hard evidence that well, is just downright awesome.

Can't say there's much hard evidence (IE, Edwards himself claiming these things), but there are people close to him who have said this is the reason. It's noted in the original article, and there are people the city over who have personal relationships with Edwards and people in his circle. It's not a big city, and as one of the people who has connections to people who know Edwards personally, I can say I am very confident that this is the reason for the change in his residency status.

Sliver, if he wants to live there, I fully expect him to spend no more than a few weeks in Canada during the year. I have a feeling that won't be the case.

[OMG!WTF!]

Originally Posted by Sliver

If you are a multi billionaire, you can live wherever you want on the whole planet. I have no doubt Edwards is living exactly where he wants to live.

If this is true, why do a statistically abnormal amount of multi billionaires from different countries move to one particular spot that happens to have a super favourable tax rate for multi billionaires from different countries? Good lord you make me laugh. There's only so many darts a guy can throw before you hit the spot everyone else hits I guess.

[Locke]

Originally Posted by Ozy_Flame

I don't think it's obtuse to get confirmation from Edwards.

There's something about hard evidence that well, is just downright awesome.

Okay, lets play your game then.

I think Murray hates fish and chips, thinks tea is for losers and that British accents are childish and stupid and that he moved there 100% for tax reasons.

Did he tell you that he didnt?

[Ozy_Flame]

Originally Posted by Locke

Okay, lets play your game then.

I think Murray hates fish and chips, thinks tea is for losers and that British accents are childish and stupid and that he moved there 100% for tax reasons.

Did he tell you that he didnt?

lol, Ok. You win. Murray moved for tax reasons. It's confirmed.

I'll go drink my milk in the corner now.

[opendoor]

Originally Posted by OMG!WTF!

This seems to clarify some of the tax questions...

http://business.financialpost.com/fp...murray-edwards

Looks like it costs $250 to cut and paste from Post articles now. But what stands out is that Canada is now one of the highest tax jurisdictions for wealthy people at 53%. Only Sweden, Denmark, and France are higher in the western world. Great Britain has a special "non-domicile" tax rate, close to 0%, specifically for rich ex pats and it works....lots of rich people move there for that reason. Edwards was looking at a 20% increase in income tax, 23% increase in capital gains and a 50% increase in dividend taxes so he left. Not a real head scratcher.

That article doesn't do a very good job of explaining non-domiciled residents. You don't move there and just pay no tax; the UK just doesn't tax your worldwide income if you're not intending to live there permanently. Any money you earn in the country or any money you bring into the country is taxed normally. And generally any money you earn in other countries would be taxed in that country.

[Sliver]

Originally Posted by OMG!WTF!

If this is true, why do a statistically abnormal amount of multi billionaires from different countries move to one particular spot that happens to have a super favourable tax rate for multi billionaires from different countries? Good lord you make me laugh. There's only so many darts a guy can throw before you hit the spot everyone else hits I guess.

Haha, because London is one of the world's greatest cities? Because there are more of his financial equals there?

I think Ghana has a favourable tax environment. Ethiopia, too. Bet he could make out like a bandit tax-wise in Honduras.

Geez, he didn't land in London because of the tax environment. There are places with better tax conditions for him all over the globe. He landed in London because he wants to live in London. Lower taxes are the icing on the cake, but he wouldn't be there if it wasn't his top choice on where to live.

[opendoor]

Originally Posted by MattyC

Sliver, if he wants to live there, I fully expect him to spend no more than a few weeks in Canada during the year. I have a feeling that won't be the case.

If you want to escape Canada's taxes you pretty much do need to cut ties with the country. You can't just claim you've moved away and still spend half the year living and working here.

[Locke]

Originally Posted by Ozy_Flame

lol, Ok. You win. Murray moved for tax reasons. It's confirmed.

I'll go drink my milk in the corner now.

You just wouldnt acknowledge the fact that London is a nice place and he might like to live there but there also might be some tax advantages.

So I just turned it around and indicated that London is a miserable craphole and that the only reason he moved there is for tax advantages.

Both extremes are equally ridiculous.

Originally Posted by opendoor

If you want to escape Canada's taxes you pretty much do need to cut ties with the country. You can't just claim you've moved away and still spend half the year living and working here.

Federally this is correct, but as I mentioned earlier it would make him exempt from Provincial taxes.

[OMG!WTF!]

Originally Posted by Sliver

Haha, because London is one of the world's greatest cities? Because there are more of his financial equals there?

I think Ghana has a favourable tax environment. Ethiopia, too. Bet he could make out like a bandit tax-wise in Honduras.

Geez, he didn't land in London because of the tax environment. There are places with better tax conditions for him all over the globe. He landed in London because he wants to live in London. Lower taxes are the icing on the cake, but he wouldn't be there if it wasn't his top choice on where to live.

I think you're right. When searching for a tax haven I have no doubt he picked the one most favorable to him. You'll note that along with Ghana and Ethiopia, he also didn't choose any of the other amazing world city to live in with high tax rates.

Also I think the consensus is that he'll save up to 30 million a year...not sure how or why but that's one number.

[Ozy_Flame]

Originally Posted by Locke

You just wouldnt acknowledge the fact that London is a nice place and he might like to live there but there also might be some tax advantages.

So I just turned it around and indicated that London is a miserable craphole and that the only reason he moved there is for tax advantages.

Both extremes are equally ridiculous.

There's a difference between confirming speculation and actually confirming.

I see no reason why it is unreasonable to call what we're doing "speculating" until Murray himself confirms. I assume that will likely never happen, not at least in public, so until then, everything we are doing is speculation.

Maybe he really does like fish and chips and his decision to be closer to the fish and chips coincides with an NDP tax increase year.

[CliffFletcher]

Originally Posted by CaptainYooh

Do you seriously have any doubts he is doing it for huge tax savings?

I don't doubt it at all. I'm simply pointing out that whatever special concessions the UK has set up to attract Russian oligarchs and Kuwaiti royalty to set up residence there, the UK government taxes its own citizens at a higher rate than the Canadian government taxes its own citizens. Compared to other countries in the OECD, Canada does not have a high tax burden.

[Locke]

Originally Posted by Ozy_Flame

There's a difference between confirming speculation and actually confirming.

I see no reason why it is unreasonable to call what we're doing "speculating" until Murray himself confirms. I assume that will likely never happen, not at least in public, so until then, everything we are doing is speculation.

Maybe he really does like fish and chips and his decision to be closer to the fish and chips coincides with an NDP tax increase year.

Sure, but that seems unlikely and its also mere speculation the other way as well.

We're not going to get confirmation one way or another so if you're not down with speculation then the discussion is over.

[afc wimbledon]

The whole point of having 2 billion is you can afford to pay some smart little ####### to make sure you don't pay taxes wherever the hell you live.

Seriously guys, the rich don't pay anything anywhere, that's why they're rich.