A spokesman for Steve Hudson is flatly denying comments from a fellow CEO speculating he is moving out of Canada to flee proposed higher taxes. 

“This is not accurate,” said a spokesman for ECN Capital (ECN.TO), the $4.9-billion finance company operated by Hudson. “We do a ton of business in the U.S. and Mr. Hudson spends a lot of time there, but he is not leaving Canada.”

Cargojet CEO Ajay Virmani, told BNN in an interview Wednesday that he knew of several of Canada’s ultra-rich who were leaving the country to flee the country’s growing tax burden. He named Hudson and Canadian energy mogul Murray Edwards among those individuals.

“There are at least six high net worth individuals who have said, ‘I refuse to pay 56 per cent tax and they have gone and moved either to Ireland – they would rather pay 39 per cent over there  - or moved to Florida,” Virmani said.

Hudson has purchased a company in Florida and spends a lot of time in the state as a result, but he remains a Canadian resident and pays taxes in this country, said the spokesman who did not want to be named. There are no tax savings from living in Florida, he said.

“We are perplexed by all this,” he added. “[Hudson] is not moving out of Canada. He’s in Canada right now.”

Hudson is the one of the founders of Element Financial Corporation. In 2016, the company separated into two standalone companies: Element Fleet Management Corp. (EFN.TO) – one  of the world's largest publicly traded fleet management companies – and ECN Capital Corp. In 2016 Hudson was named EY Entrepreneur of the Year for Ontario.

The comments come as Ottawa faces a growing backlash over its controversial tax reform proposals that would close some lucrative “loopholes” used by small business owners. 

Last week John Manley, president and chief executive officer of the Business Council of Canada, said at least one billionaire business owner had moved out of Canada to avoid paying the higher tax rates. The name of that individual Manley was referring to has yet to be confirmed.

Murray Edwards, the billionaire behind Canadian Natural Resources, confirmed his move to the U.K. last year.