The final countdown to the 2011 RRSP contribution deadline has begun. With less than 24 hours to go, Canadians are fast running out of time to make an RRSP contribution in order to take advantage of valuable 2011 tax breaks.

There’s no shortage of voices urging Canadians to rush to their respective financial institutions to make last-minute contributions.

“Securing your retirement is a critical component of your overall financial plan,” said Caroline Dabu, vice-president, retirement and financial planning strategy, BMO Financial Group. “If you haven’t already done so, make an RRSP contribution before the deadline, regardless of the amount. Making small contributions on a regular basis can make a big difference to your retirement savings over the long term.”

It is expected that, as usual, many will try to beat the deadline of midnight of leap day, February 29. Financial institutions are gearing up for the last-minute rush of contributors by offering extended hours at some branches.

“Some people don’t necessarily realize that every little bit counts and possibly they are thinking that if they’re only able to make a small contribution then it’s not worth it,” says said Marlena Pospiech, senior manager, retirement strategy at the BMO Financial Group. She adds that investors shouldn’t pass up the benefit of tax-deferred compound growth over time.

Naysayers argue, though, that for the vast majority the reasons for not yet contributing are not likely to change at the last minute. Many boomers, for example, are past their highest saving years, and are unable to contribute due to a sharp decline in personal disposable income.

This is also the time for financial advisors to have a conversation with their clients about the RRSP contribution for 2012.

“What advisors can do is let the client know that the big rush and the big pressure right now is really about getting the receipt for 2011, so they can get the benefit of tax savings or tax refund for the same year,” said Pospiech.

“Financial advisors must stress the fact that it’s not [just] about rushing the investment decision right now,” she added. “It’s about following it up with pre-booking an appointment in March when things are a little bit calmer so they can sit down and review their clients’ situation and make a rational decision that will impact their long-term success in building their clients retirement savings.”