Jagmeet Singh renews call to make Revera long-term care public

Report out on Thursday reveals Revera uses apparent aggressive tax avoidance measures to avoid paying its fair share
OTTAWA – What is happening in long-term care homes across the country is devastating. Families are losing their loved ones to COVID-19, and the situation in for-profit long-term care homes is especially devastating. A recent report from Centre for International Corporate Tax Accountability and Research (CICTAR) revealed that Revera Living, a for-profit long-term care corporation owned by a federal agency, appears to be using aggressive tax avoidance measures. During the pandemic, Revera homes saw some of the worst outbreaks in Canada, while still paying out their profits to shareholders.

“This report is a real slap in the face for Canadians,” said NDP Leader Jagmeet Singh. “So many families lost loved ones in for-profit long-term care in this pandemic. Not only do these long-term care homes profit off the neglect of our loved ones, but they are actively trying to avoid paying their fair share of taxes. This is wrong. The Liberals must act and make Revera public now.”

CICTAR found that Revera is using a pattern of techniques consistent with aggressive tax avoidance: shell companies in tax havens and internal profit transfers or cycling to lower or hide their tax liabilities. In the first wave of the pandemic, they had the second-most deaths in the industry, accounting for 230 deaths, and were unable to protect our loved ones from major outbreaks across the country. Despite calls from many stakeholders to make Revera public, Justin Trudeau has stood by and has done nothing. The Liberals have chosen to protect the for-profit model, instead of protecting our loved ones in long-term care.

“There is no reason why Justin Trudeau cannot make Revera public. He was able to make Trans Mountain public, he can do the same with Revera and save lives,” said Singh. “The Liberal government must stop protecting the profits of big corporate players in long-term care and must make Revera public. We cannot keep losing loved ones due to devastating conditions in long-term care facilities.”
Quotes:

“It is quite stunning and deeply disappointing to learn that Revera—which is 100 per cent owned by the Public Sector Pension Investment Board, itself a federal crown corporation—is making use of offshore tax-havens to avoid paying taxes around the world. PSAC members don’t want their pension to profit off the suffering of our elders and we certainly don’t want it associated with a corporation that is avoiding paying taxes that fund vital public services.”
– Chris Alyward, National President, Public Service Alliance of Canada

“This report peels back another ugly layer on how perverse and toxic the for-profit care industry really is. Instead of putting the care of our loved ones in the hands of public health providers, governments are allowing it to remain in the hands of stock traders and international tax cheats."
– Candace Rennick, Secretary-Treasurer, CUPE Ontario

“To now find out that Revera is making money from tax avoidance strengthens my resolve that we change Revera from for-profit to public long-term care.”
– Christine Collins, Retiree, Transport Canada (Public Service Pension member)