In 20 games with the Rocket this season, Olofsson has seven assists, a plus-1 differential and six penalty minutes.
Olofsson, 24, was acquired by Montreal in October 2018 from the Minnesota Wild. He played just two games for Laval last season before undergoing shoulder surgery.
The Boras, Sweden native, who stands 6-foot-3 and tips the scales at 200 pounds, boasts 56 games of NHL experience with Minnesota, amassing 11 assists and 16 penalty minutes.
The Canadiens also announced that forward Paul Byron was placed on injured reserve.
Byron underwent knee surgery on November 19, and his recovery period was expected to be four weeks.
In 19 games this season, Byron has one goal and four points, along with a plus-3 differential.
