About ACTRA PRS Minors’ Trust
IF YOU’RE A PARENT AND/OR GUARDIAN OF A CHILD PERFORMER IN CANADA, HERE’S SOME INFORMATION YOU NEED TO KNOW.
CHILDREN HAVE PROPERTY RIGHTS IN CANADA.
DID YOU KNOW that as a parent and/or guardian who receives money or property on behalf of a minor in Canada, you may have specific obligations under the law?
DID YOU KNOW that it’s up to you to know and understand those obligations and to act in accordance with the law?
ACTRA PRS cannot provide you with legal advice but there may be resources available to you in your province – ACTRA PRS encourages you to seek out those resources.
Saving for the future
ACTRA protects the unique interests of minors – a responsibility that your union has always taken seriously. ACTRA established Minors’ Trust so a portion of a minor performer’s earnings would be there for them when they reached the age of majority. ACTRA negotiated provisions in our Independent Production Agreement (beginning in 1999) and National Commercial Agreement (beginning in 2002) to ensure that 25% of all minors’ earnings are held in trust and available to the performer when she or he reaches the age of majority.
As of today, ACTRA PRS administers 1,400 accounts for minors in ACTRA PRS Minors’ Trust.
Under the direction of ACTRA PRS and trusteed by the ACTRA PRS Board of Directors, funds in ACTRA PRS Minors’ Trust are held in safe savings accounts, where every dollar in the Trust Fund is protected and guaranteed. The ACTRA PRS Minors’ Trust holds the preservation of contributions as its number one goal. Therefore, the Trust has different goals than an investment trust where the returns may be higher, but where the principal may be lost. Currently ACTRA PRS deducts 2% of contributions to provide for the administration of the trust with no fees on amounts held, interest earned, or amounts paid out.
The current annual rate of return is the Trust is 4.35%. Creative Arts Financial (a division of First Ontario Credit Union) was created by artists for artists. They understand the importance of these funds, longer term, to their beneficiaries and seek to maximize the interest rates offered, therefore they review their pricing to make sure we have the best rate. Their focus is helping members achieve financial independence and their advisors are on hand to help member’s unique needs.
Contributions under the IPA and NCA in Canada, currently excluding British Columbia
All work by minors in Canada, excluding British Columbia, under the IPA or NCA requires deductions by producers from earnings to be put into ACTRA PRS Minors’ Trust as per each agreement.
Contributions for Minors under the BCMPA and NCA for work in British Columbia must currently go to the Public Guardian and Trustee of British Columbia (PGT).
The UBCP/ACTRA Guardians of Minors Committee has a goal to make ACTRA PRS Minors’ Trust available to minors who work in British Columbia. Please keep an eye on their landing page for more information.
United States of America
Contributions to trusts for minor performers working in the United States is governed by the Coogan Law, which requires that 15% of all minors’ earnings must be set aside in a blocked trust account commonly known as a Coogan Account. Click here for more information.
All beneficiaries of the fund will receive a printed and mailed annual statement in the first quarter of the calendar year detailing and summarising gross and net contributions, interest earned, as well as the opening and closing balance of the beneficiary account during the most recently completed calendar year.
If you have any questions about the Minors’ Trust, please contact our Administrator Patricia Lanca or 416 489 1311 ext. 5022.