FAQ for Minors’ Trust
ACTRA PRS Minors’ Trust Frequently Asked Questions
Why did ACTRA decide to establish a Minors’ Trust?
ACTRA is the exclusive bargaining agent for all performers – including Minors – covered by the Independent Production Agreement (IPA) and the National Television and Radio Commercial Agreement (NCA). The IPA is a collective agreement which provides for minimum terms and conditions of engagement for performers in the film and television production industry in Canada and the NCA is a collective agreement which covers rates and conditions of engagement of performers in radio and television commercials. ACTRA has always taken its duty to protect the unique interests a Minor seriously and establishing the ACTRA Minors’ Trust is a manifestation of this duty.
Why not let the Government do it – like in BC and California?
ACTRA, as a democratic organization, feels strongly that it is often in a better position to protect the interests of its members. In fact the raison d’être of ACTRA is the representation of performers and the promotion of performers’ rights, contractual, statutory or otherwise.
What will happen to the 25% contribution from a Minor’s earnings?
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 invested in the Trust Fund is protected and guaranteed. The ACTRA PRS Minors’ Trust holds the preservation of contributions as it 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.
What is this going to cost me?
There are no annual administration fees payable to ACTRA PRS or its service providers. There is a processing fee of two percent (2%) payable at the time the Minor’s contributions are remitted to ACTRA PRS. This processing fee is calculated on the total contributions.
May I as a Parent or Legal Guardian, opt out of the ACTRA Minors’ Trust on the grounds that I want different investment options than those provided by ACTRA PRS, or if the minor has a need for the monies before he/she reaches the age of 18?
If a Parent or Legal Guardian is able to satisfy ACTRA PRS that there is an established irrevocable trust, ACTRA PRS may grant an exemption.
Can I have the option to make additional contributions directly?
ACTRA PRS has available for any Parent or Legal Guardian, the necessary forms to make additional contributions directly. Once the voluntary contributions have been remitted to ACTRA PRS for deposit in the Trust, these monies are subject to all of the rules and regulations established for the Minors’ Trust.
Do we need tax advice?
Monies earned while the funds are held in trust are taxable. We recommend that you obtain tax advice.
Can I get an updated balance for the funds held in trust?
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.