Midnight, March 1, 2023, is the deadline to contribute to a Registered Retirement Savings Plan (RRSP) for the 2022 tax year. 

Noah Wilkie with Evermark Financial in Cochrane says, "What that means is any contribution you make, up until March 1 will reduce your taxable income for last year, 2022." 

If you miss the deadline Wilkie says, "If the deadline flies by you, what that means is any contributions you make to your RRSP are now reducing your income for 2023. So, it's not the end of the world. But it can be a good way to reduce the amount of tax you are paying and keep more in your own pocket."

Everyone's financial situation is different and meeting the contribution deadline may prove more important to some than others. Wilkie says, "It varies for everybody but it is definitely a good thing to consider every year and do a review of your situation and make an informed decision."