Minor's Trust Fund
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The Independent Production Agreement (or IPA) ratified in 1999, made significant gains in forcing producers to recognize the importance of taking extra care to ensure the safety, education and morals of minors engaged in this business. A significant advancement was the creation of the Minor's Trust Account.
The fund is quite similar in practice to the regulations of the California Child Actor's Bill (the 'Coogan Act'). Both ACTRA and the producers felt that this trust fund was an important initiative.
The administration of the Minors' Trust has been undertaken by the very capable Performers' Rights Society (PRS), and the management of the money is being handled by ACTRA Fraternal Benefits Society, the good folks who handle ACTRA members RRSPs and insurance plans. If you would like more information about the Minors' Trust, please give us a call at the Maritimes Branch office, or contact Judy Land at PRS at 1.800.387.3516.
How the Fund Works:
- Once a child has earned a lifetime total of $5000, ACTRA opens a trust account in their name.
- Every time that minor works under the IPA, 25% of their gross fees will be deducted at source and remitted to ACTRA.
- A 2% (of the 25%) processing fee is deducted from the amounts remitted to PRS.
- Yearly management fees will depend on the options chosen by the parent.
- Parents have the option of selecting from either a Bond Fund, a Balanced Fund or a Registered Education Savings Plan.
- Parents demonstrating that there is already an irrevocable trust fund set up for the child may opt out of the Minors' Trust. Additional contributions may be made at any time by the parents by contacting PRS.
- Once the minor reaches 18, the money accumulated in their trust fund is available to them.
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