Retirement
Michaels is here to help you create your retirement nest egg! There are two plans to help you save.
Registered Retirement Savings Plan (RRSP)
We made changes to the RRSP effective July 1, 2022. View a recorded webinar highlighting all the improvements!
Team Members may enrol in the RRSP at any time. The Canada Revenue Agency (CRA) will send you a “Notice of Assessment” informing you of your RRSP maximum contribution limit for the current year. It is your responsibility to ensure you do not make contributions in excess of the maximum amount.
Deferred Profit Sharing Plan (DPSP)
Michaels matches 100% on the first 3% of pay you contribute to the RRSP, plus 50% on the next 2% you contribute. Full-time Team Members are eligible for matching contributions after three months of continuous employment, and part-time Team Members are eligible for matching contributions after six months of continuous employment. Save at least 5% to receive the maximum matching contribution from Michaels. The money from Michaels in your DPSP is immediately vested. You receive 100% of DPSP contributions if you leave Michaels or retire.
Not sure where to begin?
Investing your dollars can be intimidating. Check out the Investor Strategy and Portfolio Option Worksheet to figure out what type of investor you are.
If you have questions about the plan, learn more by visiting Manulife Financial at www.manulife.ca or calling them directly at 1-888-727-7766.