For the 2020 tax year, the deadline for contributing to your RRSP is March 1, 2021. Usually, the last day to contribute to your RRSP for the previous tax year, if you want to benefit from the deductions and increase your tax return, is the 60thday of the following year. The Canada Revenue Agency (CRA) has indicated that date in order to give you enough time to figure out how much employment income you have earned in the previous tax year and contribute accordingly. However, since this year the 60th day is a weekend, the deadline is postponed to the following business day (Monday, March 1st).
Meeting the deadline is essential if you take advantage of the tax deductions immediately by applying those contributions towards your taxes this year. However, if you cannot contribute before the deadline, the remaining contribution room is added to your RRSP limit for the following year.
You can either contribute 18% of your reported earned income on the previous tax year (2019) or $27,230, whichever is less, plus any remaining contribution room available from the previous years.