These benefits are only available to full-time Canadian Team Members.

Optional Critical Illness Insurance

Critical Illness Insurance provides financial assistance if you are diagnosed with a covered disease. You’ll receive a lump-sum payment that can be used for anything you need – even if it’s not related to your illness.

Covered Conditions

Alzheimer’s disease
Aortic surgery
Aplastic anemia
Benign brain tumour
Blindness
Cancer
Coma
Coronary artery bypass surgery
Deafness
Heart attack
Heart valve replacement or repair
Kidney failure
Loss of independent existence
Loss of limbs
Loss of speech
Major organ failure on waiting list
Severe burns
Stroke
Major organ transplant
Multiple sclerosis
Occupational HIV infection
Paralysis
Parkinson’s disease

Your children are covered for the above conditions and for the following:

Cerebral palsy
Down syndrome
Congenital heart disease
Muscular dystrophy
Cystic fibrosis
Type 1 diabetes

Monthly Plan Costs

Note: If you are newly eligible to enrol, you can elect coverage up to $30,000 without answering any health questions. Otherwise, you are required to show proof of good health.

	Male		Female
Age	Non-Smoker	Smoker	Non-Smoker	Smoker
Under 25	$0.06	$0.07	$0.06	$0.06
25-29	$0.08	$0.10	$0.08	$0.10
30-34	$0.12	$0.18	$0.12	$0.18
35-39	$0.19	$0.31	$0.19	$0.28
40-44	$0.27	$0.52	$0.27	$0.44
45-49	$0.41	$0.94	$0.41	$0.70
50-54	$0.66	$1.66	$0.57	$1.07
55-59	$1.18	$3.01	$0.86	$1.77
60-64	$1.95	$4.70	$1.31	$2.70
65-69	$2.99	$7.36	$1.98	$4.29

	Mâle		Femelle
Âge	Non-fumeur	Fumeur	Non-fumeur	Fumeur
Under 25	$0.06	$0.07	$0.06	$0.06
25-29	$0.08	$0.10	$0.08	$0.10
30-34	$0.12	$0.18	$0.12	$0.18
35-39	$0.19	$0.31	$0.19	$0.28
40-44	$0.27	$0.52	$0.27	$0.44
45-49	$0.41	$0.94	$0.41	$0.70
50-54	$0.66	$1.66	$0.57	$1.07
55-59	$1.18	$3.01	$0.86	$1.77
60-64	$1.95	$4.70	$1.31	$2.70
65-69	$2.99	$7.36	$1.98	$4.29

What the Plan Pays

Coverage Tier	Benefit
You/Your Spouse	$10,000–$20,000 (in $10,000 increments, with a 2-unit or $20,000 minimum) up to $200,000 maximum
Your Child(ren)	$5,000–$20,000 (in $5,000 increments up to $20,000 maximum)

Evidence of Insurability (EOI) Requirement

Canada Life requires Evidence of Insurability (EOI) for Team Members who enrol in Optional Critical Illness (CI) coverage at any time. Follow the link below to learn more and complete the EOI requirement.

Complete the EOI Requirement

Group Policy Number

Your Optional Critical Illness (CI) benefits are provided under the following policy number: 180655.

To initiate a claim, contact Team Member Services at 1-(855) 432-6453.

Team Member Services

Team Member Support

HR, Payroll, Benefits & Open Enrollment

Phone: 1-855-432-MIKE (6453), Option 2

Disability

Short-Term & Long-Term Disability Coverage

Disability Insurance Coverage

Michaels offers you disability insurance to replace part of your income if you are unable to work for an extended period of time.

Short-Term Disability (STD)

Michaels provides Short-Term Disability (STD) Insurance coverage at no cost to you. The STD plan provides income protection if you cannot work due to an illness or non-work-related injury. Your available coverage depends on whether you are a full-time Salaried or full-time Hourly Team Member, as outlined below.

You can file a claim for STD if you have completed the waiting period, are working the required 32-hour average, and are enroled in the STD plan.

	Full-Time Salaried	Full-Time Hourly
Percent of Earnings Replaced	100% of weekly earnings	66.67% of weekly earnings
Maximum Weekly Benefit	N/A	$1,000
How Long Benefits Are Paid	Up to 17 weeks	Up to 17 weeks
Waiting Period	7 consecutive days	7 consecutive days

	Salarié à temps plein	Temps plein (taux horaire)
Pourcentage des revenus remplacés	100 % des gains hebdomadaires	66,67 % des gains hebdomadaires
Prestation hebdomadaire maximale	Sans objet	1 000 $
Durée de versement des prestations	Jusqu'à 17 semaines	Jusqu'à 17 semaines
Délai d'attente	7 jours consécutifs	7 jours consécutifs

Long-Term Disability (LTD)

Long-Term Disability (LTD) Insurance coverage is mandatory and is paid for by you.

Coverage

40% Automatic Issue
$10,000 maximum monthly benefit
Benefits are paid until you reach age 65

Buy Up

60% with approved Evidence of Insurability (EOI)
$10,000 maximum monthly benefit
Benefits are paid until you reach age 65

Claims & Leave of Absence (LOA)

To request a Leave of Absence (LOA) or file a disability insurance claim, either call CBML at 1-844-636-9622 or visit cbml.ca/michaels.

Group Policy Numbers

For full-time hourly Team Members, your Short-Term and Long-Term Disability benefits are provided under the following policy number: 180654.

For full-time salaried Team Members, your Disability benefits are provided under the following policy numbers:

Short-Term Disability (STD): 52137
Long-Term Disability (LTD): 180654

Provider

Canada Life

Health Care, Disability, & Life & AD&D

Phone: 1-800-957-9777 (TTY 711)

Emergencies

Canada or U.S.: 1-855-222-4051 (Toll-Free)
All Other Countries: 1-204-946-2577 (Collect)

Out-of-Country Claims

Canada or U.S.: 1-866-530-6025 (Toll-Free)
All Other Countries: 1-905-816-1990 (Collect)

These benefits are only available to full-time Canadian Team Members.

Dental Insurance Coverage

You can select additional Dental Insurance coverage through Canada Life.

You must enrol in this coverage when you are first eligible, or you will be considered a late entrant and limited to $250 in benefits for the first 12 months of coverage.

What the Plan Covers

Service	Coverage
Deductible	None
Check-Up Frequency	Once every 6 months
Complete Exam Frequency	Once every 36 months
Emergency Exam	Once every 12 months
Preventive & Periodontal Scaling	Total of 8 time units per year (1 time unit = 15 minutes)
Denture Adjustment, Repair, Relining	100% (once every 36 months)
Diagnostic & Preventive Services (oral exams, cleanings, X-rays)	100%
Basic Services	80%
Major Services	50%
Maximum	$1,000 per calendar year
Orthodontic Services	For dependent children only, provided treatment commences prior to reaching age 21 – 50% (up to a lifetime maximum of $1,500 per covered person)
Dental Fee Guide	Current fee guide in the Province of Treatment

Service	Couverture
Franchise	Aucun/e
Fréquence des bilans de santé	Une fois tous les six mois
Fréquence des examens complets	Une fois tous les 36 mois
Examen d'urgence	Une fois tous les 12 mois
Détartrage préventif et parodontal	Total de 8 unités de temps par an (1 unité de temps = 15 minutes)
Ajustement, réparation et rebasage de prothèses dentaires	100 % (une fois tous les 36 mois)
Services diagnostiques et préventifs (examens buccaux, nettoyages, radiographies)	100 %
Services de base	80 %
Principaux services	50 %
Maximum	1 000 $ par année civile
Services d'orthodontie	Pour les enfants à charge uniquement, sous réserve que le traitement débute avant l'âge de 21 ans : 50 % (jusqu'à un maximum à vie de 1 500 $ par personne assurée).
Guide des tarifs dentaires	Guide tarifaire actuel dans la province de traitement

What the Plan Costs

	Full-Time	Part-Time Saskatchewan
Single	$4.00	$3.29
Family	$12.04	N/A

	Classes 1-2 et 5-12	Classe 3
Célibataire	4,00 $	3,29 $
Famille	12,04 $	Sans objet

Get Started with Canada Life

Group Policy Number

Your Dental benefits are provided under the following policy number: 180654.

Provider

Canada Life

Health Care, Disability, & Life & AD&D

Phone: 1-800-957-9777 (TTY 711)

Emergencies

Canada or U.S.: 1-855-222-4051 (Toll-Free)
All Other Countries: 1-204-946-2577 (Collect)

Out-of-Country Claims

Canada or U.S.: 1-866-530-6025 (Toll-Free)
All Other Countries: 1-905-816-1990 (Collect)

Vacation Time

Prioritizing Work-Life Balance

Michaels knows work-life balance is important. That’s why we offer vacation and sick leave. Your balances are available in Workday.

Vacation Entitlement

(blank)

For Team Members in Saskatchewan

Length of Service	Vacation Entitlement per Year of Service
1 but less than 10 years	Three weeks of time off and 3/52 of gross annual earnings
10 years or more	Four weeks of time off and 4/52 of gross annual earnings

For Team Members in Quebec

Length of Service	Vacation Entitlement per Year of Service
Less than a year	1 day per worked month and 4% of the gross earnings during this period
1 but less than 3 years	Two weeks of time off and 4% of gross annual earnings
3 but less than 20 years	Three weeks of time off and 6% of gross annual earnings
20 years or more	Four weeks of time off and 8% of gross annual earnings

For Team Members in All Other Provinces

Length of Service	Vacation Entitlement per Year of Service
1 but less than 5 years	Two weeks of time off and 4% of gross annual earnings
5 but less than 20 years	Three weeks of time off and 6% of gross annual earnings
20 years or more	Four weeks of time off and 8% of gross annual earnings

Requesting Time Off

Requests for time off are granted on a first come, first served basis, and scheduling is based on the needs and demands of our business, so there are certain times of year when vacation use is restricted. If a statutory holiday falls within your vacation period, that day will not be counted as a vacation day and you will be entitled to an alternate vacation day off.

Vacation Pay

The vacation pay year for all Team Members begins April 1 and ends March 31. Vacation pay for any time between your actual start date and April 1 is provided on a pro-rated basis. Vacation entitlement does not carry forward year-to-year. You must take any unused vacation leave within 12 months following the end of the vacation pay year in it was accrued.

Team Members on a qualified leave of absence continue to accrue vacation time but not vacation pay unless required by law.

Sick Leave

Use paid sick leave in the case of injury or illness for yourself or a family member, and to attend doctor or dental appointments for you or a family member.

If you can’t report to work, you must notify your supervisor no later than 30 minutes after the start of your scheduled shift, if possible, or leave a message on the call-in line.
You receive 24 hours of paid sick leave your first year, and 48 hours for each following year, up to a maximum of 240 hours. Unpaid leave may be available if you use all of your paid sick leave hours.
If provincial laws require more or different benefits, those laws will apply. You may be required to provide documentation from a physician.
If you have any questions regarding paid sick leave, please contact your HR Partner.

(blank)

For Team Members in Ontario

After 13 weeks of uninterrupted service, you may have up to 10 days of paid sick leave, and 15 weeks if you or your child suffers domestic or sexual violence, with the first five days paid. This leave may be taken to:

Get medical attention for physical or psychological injury caused by the violence
Obtain victim services or psychological/professional counselling
Relocate temporarily or permanently
Seek legal or law enforcement assistance or preparing to participate in any related civil or criminal legal proceeding.

You may also be eligible for 3 days of unpaid job-protected sick leave and 3 days of unpaid job-protected family responsibility leave.

For Team Members in Quebec

After 3 months of uninterrupted service, you may have up to 2 days of paid absence per year:

To fulfil obligations relating to the care, health or education of your child or spouse
To care for a relative or person with whom you act as a caregiver, as attested by a health and social services professional
In case of sickness
For organ or tissue donation
Following an accident, domestic or sexual violence, or a crime.

Policy Information

For more details, please refer to the HR Manual 8.1 Vacation/Personal Time Policies linked below.

Team Member Services

Team Member Support

HR, Payroll, Benefits & Open Enrollment

Phone: 1-855-432-MIKE (6453), Option 2

Vacation Entitlement

Michaels knows work-life balance is important. That’s why we offer vacation. Your balances are available in Workday.

(blank)

For Team Members in Saskatchewan

Length of Service	Vacation Entitlement per Year of Service
1 but less than 10 years	Three weeks of time off and 3/52 of gross annual earnings
10 years or more	Four weeks of time off and 4/52 of gross annual earnings

For Team Members in Quebec

Length of Service	Vacation Entitlement per Year of Service
Less than a year	1 day per worked month and 4% of the gross earnings during this period
1 but less than 3 years	Two weeks of time off and 4% of gross annual earnings
3 but less than 20 years	Three weeks of time off and 6% of gross annual earnings
20 years or more	Four weeks of time off and 8% of gross annual earnings

For Team Members in All Other Provinces

Length of Service	Vacation Entitlement per Year of Service
1 but less than 5 years	Two weeks of time off and 4% of gross annual earnings
5 but less than 20 years	Three weeks of time off and 6% of gross annual earnings
20 years or more	Four weeks of time off and 8% of gross annual earnings

Requesting Time Off

Vacation Pay

Team Members on a qualified leave of absence (LOA) continue to accrue vacation time but not vacation pay unless required by law.

Policy Information

For more details, please refer to the HR Manual 8.1 Vacation Policy for Hourly Team Members.

Team Member Services

Team Member Support

HR, Payroll, Benefits & Open Enrollment

Phone: 1-855-432-MIKE (6453), Option 2

You can enrol yourself and your dependants* in most benefit plans, but you must meet the eligibility requirements.

*You may only enrol dependants who are residents of Canada.

Team Member Eligibility

Full-Time Team Members

If you are a full-time Team Member working an average of 32 hours or more per week, your eligibility to enroll in your benefits begins on the 1st day of the calendar month following 30 days of service.

Team Members Promoted from Part-Time to Full-Time

The waiting period of 30 days will be waived for Team Members who have been promoted from part-time to full-time status. In this case, you will be eligible to enroll in your benefits on the 1st day of the calendar month following the date of your promotion. For example, if you joined the Michaels team on April 1 as a part-time Team Member, and you were promoted to full-time on May 5, your date of eligibility would be June 1.

Dependant Eligibility

(blank)

Your Spouse/Partner

This may be your spouse by marriage or under any other formal union recognized by law, or your partner of the same or opposite sex who has been publicly represented as your spouse for at least 12 consecutive months.

For Quebec residents, there is no minimum cohabitation period for common-law spouses if a child is born out of the relationship.

Your Children

Coverage is available for the child if:

they are your dependant children or your spouse’s children (other than foster children),
they are not married or in any other formal union recognized by law, and
they are under 21.

A child who is a full-time student attending a recognized educational institution is also considered an eligible dependant until the age of 25 (or until the age of 26 in Quebec for Extended Health only) as long as the child is entirely dependant on you for financial support.

If a child becomes handicapped before the limiting age of 21 (or 25 if attending school full-time), coverage will continue as long as the child:

is incapable of financial self-support because of a physical or mental disability,
depends on you for financial support, and
is not married or in any other formal union recognized by law.

Team Member Eligibility

Part-Time Canadian Team Members

You will automatically receive – for you only – Basic Life and AD&D coverage at no cost to you.
You may enrol for Medical, Vision and/or Dental coverage, administered through Canada Life.
If you enrol for Medical and Vision coverage, you may also enrol your eligible dependants who are residents of Canada, for Medical and Vision coverage only.

Extended Health Coverage for Saskatchewan Team Members

If you’re a part-time Team Member in Saskatchewan who regularly works at least 780 hours each year, Michaels offers you Extended Health coverage, which includes:

Extended Medical and Vision coverage that enhances or “extends” the coverage you receive from your provincial health plan.
Extended Dental coverage for you only.

Dependant Eligibility

(blank)

Your Spouse/Partner

Coverage is available for your spouse by marriage or under any other formal union recognized by law, or your partner of the same or opposite sex who has been publicly represented as your spouse for at least 12 consecutive months.

Your Child(ren)

Coverage is available of the child is:

your dependant child or your spouse/partner’s dependant child (other than foster children),
under age 21,
entirely dependent on you for financial support, and
not married or in any other formal union recognized by law.

If an enroled child becomes handicapped before age 21, their eligibility for coverage will continue as long as they are:

incapable of financial self-support because of a physical or mental disability,
entirely depend on you for financial support, and
are not married or in any other formal union recognized by law.

Life Events & Change in Status

Updating Your Benefits Due to Qualifying Life Events

Life happens, and sometimes you need to make changes to your benefits outside of the initial enrolment period. If you experience a qualifying life event, as outlined below, you will have 30 days to make changes to your benefits and the change in status must be consistent with your life event.

Request a Change in Status

To request a change to your benefits outside of the enrolment period due to a qualifying life event, use the link below to log in to Workday and complete the Qualifying Life Event Form.

Submit a Life Event in Workday

Remember to submit this form as soon as possible and within 30 days of your life event to avoid paying retroactive premiums.

Qualifying Life Events

Employment Status

Change in employment status, such as moving from part-time to full-time. You will have 30 days to enrol.

Family Changes

Birth, adoption, or death of a child, causing a change in coverage status
Marriage
Divorce/legal separation
Eligibility of a common-law spouse, when the 12-month cohabitation requirement has been satisfied
Death of a family member

Extended Health & Dental Coverage Changes

Gain/loss of Extended Health and/or Dental benefit coverage for you or a dependant
Adding or removing eligible dependants for Extended Health and Dental benefits

Extended Health

Extra Protection & Coverage for Your Health Expenses

Extended Health Insurance Coverage

With Extended Health coverage, you can select additional medical and/or vision Insurance that extends your province health plan benefits through Canada Life.

What the Plan Covers

Service	Coverage
Prescription Drugs/Pay-Direct-Drug Card (no deductible)	Tier 1 — 90%
	Tier 2 — 60%
	Tier 3 — 40%
Licensed Paramedical Practitioners (physiotherapist, massage therapist, speech pathologist, psychologist, chiropractor, osteopath, naturopath and podiatrist or chiropodist)	80% up to $750 combined maximum per calendar year
Eligible Mental Health Specialists Psychologist, Social Worker, Pyschotherapist, Marriage and Family Therapist, Clinical Counsellor	80% up to $750 combined maximum per calendar year
Licensed Provider of Orthotics, Orthopaedic Shoes (Team Member coverage only)	100% up to $400 per calendar year
Semi-Private Hospital	100%
Private Duty Nursing	100% up to $10,000 per calendar year
Services and Supplies (crutches, canes, casts, rental of hospital beds, wheelchairs, ambulance services, etc.)	100%
Hearing Aids	$500 every 5 years
Vision (Take advantage of the PVS program for more savings)	100% reimbursement up to a maximum of $200 every 24 months for glasses and contact lenses
Licensed Ophthalmologist/Optometrist	One eye exam every 24 months (or every 12 months if under 18 years of age)
Emergency Out-of-Province/Country & Travel Assistance	100% (maximum of 60 days per trip; up to a lifetime maximum of $1,000,000)

Service	Couverture
Médicaments sur ordonnance / Carte de paiement direct pour médicaments (aucune franchise)	Niveau 1 — 90 %
	Niveau 2 — 60 %
	Niveau 3 — 40 %
Praticiens paramédicaux agréés (physiothérapeute, massothérapeute, orthophoniste, psychologue, chiropraticien, ostéopathe, naturopathe et podologue ou pédicure-podologue)	80 %, jusqu’à un maximum combiné de 750 $ par année civile
Spécialistes en santé mentale admissibles : psychologue, travailleur social, psychothérapeute, thérapeute conjugal et familial, conseiller clinique	80 %, jusqu’à un maximum combiné de 750 $ par année civile
Fournisseur agréé d’orthèses et de chaussures orthopédiques (couverture pour le membre de l’équipe seulement)	100 %, jusqu’à 400 $ par année civile
Chambre semi-privée à l’hôpital	100 %
Soins infirmiers privés	100 %, jusqu’à 10 000 $ par année civile
Services et fournitures (béquilles, cannes, plâtres, location de lits d’hôpital, fauteuils roulants, services d’ambulance, etc.)	100 %
Aides auditives	500 $ tous les 5 ans
Soins de la vue (profitez du programme PVS pour réaliser davantage d’économies)	Remboursement à 100 %, jusqu’à un maximum de 200 $ tous les 24 mois pour les lunettes et les lentilles cornéennes
Ophtalmologiste ou optométriste agréé	Un examen de la vue tous les 24 mois (ou tous les 12 mois pour les personnes de moins de 18 ans)
Urgence hors province ou hors pays et assistance voyage	100 % (maximum de 60 jours par voyage; jusqu’à un maximum à vie de 1 000 000 $)

Biweekly Plan Costs

Plan Type	Plan Year	Full-Time	Part-Time Saskatchewan
Single	2025-2026	$5.76	$4.05
Single	2026-2027	$6.75	$4.75
Family	2025-2026	$14.11	$9.36
Family	2026-2027	$16.54	$10.97

Type de plan	Année du régime	Classes 1, 2, 5-6 et 11-12	Classe 3
Célibataire	2025-2026	5,76 $	4,05 $
Célibataire	2026-2027	6,75 $	4,75 $
Famille	2025-2026	14,11 $	9,36 $
Famille	2026-2027	16,54 $	10,97 $

Group Policy Number

Your Extended Health benefits are provided under the following policy number: 180654.

Get Started with Canada Life

Provider

Canada Life

Health Care, Disability, & Life & AD&D

Phone: 1-800-957-9777 (TTY 711)

Emergencies

Canada or U.S.: 1-855-222-4051 (Toll-Free)
All Other Countries: 1-204-946-2577 (Collect)

Out-of-Country Claims

Canada or U.S.: 1-866-530-6025 (Toll-Free)
All Other Countries: 1-905-816-1990 (Collect)

Life & AD&D

Financial Protection for the Unexpected

Basic Life and AD&D Insurance

Michaels provides free Basic Life and Accidental Death & Dismemberment (AD&D) Insurance coverage which provides financial protection to your beneficiary in the event of your death.

Basic Life and AD&D coverage includes one-times your eligible annual earnings up to $150,000, paid for by Michaels.
The cost of this coverage is free for you – it’s 100% covered by Michaels.

Optional Life and AD&D Insurance

If you want additional financial protection, you may buy Optional Life and AD&D Insurance, up to $250,000, for yourself and/or your spouse. You will pay the full cost of this coverage via monthly payroll deductions. Below are the monthly rates.

Monthly Costs – Optional Life

Note: Optional life insurance coverage terminates at age 70.

	Male		Female
Age	Non-Smoker	Smoker	Non-Smoker	Smoker
Under 25	$0.05	$0.10	$0.03	$0.04
25-29	$0.05	$0.10	$0.03	$0.04
30-34	$0.05	$0.10	$0.03	$0.04
35-39	$0.05	$0.11	$0.04	$0.06
40-44	$0.07	$0.18	$0.06	$0.10
45-49	$0.12	$0.33	$0.10	$0.18
50-54	$0.22	$0.56	$0.16	$0.29
55-59	$0.41	$0.95	$0.26	$0.44
60-64	$0.55	$1.27	$0.32	$0.53
65-69	$0.91	$2.10	$0.53	$0.88

	Mâle		Femelle
Âge	Non-fumeur	Fumeur	Non-fumeur	Fumeur
Under 25	$0.05	$0.10	$0.03	$0.04
25-29	$0.05	$0.10	$0.03	$0.04
30-34	$0.05	$0.10	$0.03	$0.04
35-39	$0.05	$0.11	$0.04	$0.06
40-44	$0.07	$0.18	$0.06	$0.10
45-49	$0.12	$0.33	$0.10	$0.18
50-54	$0.22	$0.56	$0.16	$0.29
55-59	$0.41	$0.95	$0.26	$0.44
60-64	$0.55	$1.27	$0.32	$0.53
65-69	$0.91	$2.10	$0.53	$0.88

Monthly Costs – Optional AD&D

Optional AD&D Insurance coverage is $0.31 per $10,000 of coverage. For example, for $50,000 of coverage, your monthly deduction would be $1.55.

Proof of Good Health

If you are a new hire, you can elect optional life coverage up to $30,000 without answering any health questions.
Coverage amounts more than $30,000 and all spousal optional life amounts require proof of good health, and you will need to complete a Statement of Health.
Coverage will not be effective until your Statement of Health is approved by Canada Life.

Evidence of Insurability (EOI) Requirement

Canada Life requires Evidence of Insurability (EOI) for Team Members who enrol in Optional Life or Optional AD&D coverage at any time. Follow the link below to learn more and complete the EOI requirement.

Complete the EOI Requirement

Group Policy Numbers

Your Life and AD&D benefits are covered under the following policy numbers:

Basic Life/AD&D: 180654
Optional Life/AD&D: 180655

To initiate a claim, contact Team Member Services at 1-(855) 432-6453.

Team Member Services

Team Member Support

HR, Payroll, Benefits & Open Enrollment

Phone: 1-855-432-MIKE (6453), Option 2

Retirement Savings Program

Michaels is here to help you create your retirement nest egg. The Michaels group retirement savings program offers two plans to help you save, administered by Manulife Financial: the Registered Retirement Savings Plan (RRSP) and the Deferred Profit Sharing Plan (DPSP).

Team Members may enrol in the RRSP at any time.
Michaels matches 100% on the first 3% of pay you contribute to the RRSP, plus 50% on the next 2% you contribute.
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.

Retirement Plan Options

	Registered Retirement Savings Plan (RRSP)	Deferred Profit Sharing Plan (DPSP)
Information	For your retirement or long-term goals May lower the income tax you have to pay Don’t pay tax until you take money out	For Michaels to share profits with you Don’t pay tax when Michaels puts money in Don’t pay tax until you take money out
Policy Number	20001861	30001861
Access Code	GRWStQ6e	GRWStQ6e

Full-time Team Members are eligible for matching contributions after three (3) months of continuous employment.
Part-time Team Members are eligible for matching contributions after six (6) months of continuous employment.

Access More Plan Information

Password: Michaels2022

Financial Wellness Services

All Team Members have access to a number of FREE financial wellness services from Mercer in the areas of budgeting, saving, retirement planning, and one-on-one credit counseling. Log in to the Mercer Financial Wellness Hub, and take advantage of these resources and more! You will need to log in using the following credentials:

Username: Michaels
Password: Wellne$$1

Mercer Financial Wellness Hub

Important Note

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.

Other Resources

Getting Started

Online Account & Mobile App

After you join the program, don’t forget to create your online account and get
the Manulife mobile app, so that you can check your savings and track your goals from anywhere.

On-Demand Webinar

Provider

Manulife Financial

Retirement Planning

Contact

Phone: 1-888-727-7766

Quick Link

Visit Website