Contributing to your RRSP means tax-deferred savings today for money needed tomorrow. Even in tough economic times, you can maximize your savings with these dos and don’ts from TD Waterhouse:

• Don’t delay in starting to contribute to your RRSP. Put away as much as you can afford, as soon as you can. Even modest, regular contributions can build over the years into a significant retirement nest egg.

• Do maximize your contribution. Your annual RRSP contribution can greatly reduce the amount of income tax you pay in that year and the money you put away can have years of tax-deferred growth potential. If you are worried you do not have enough money to make your maximum contribution this year, consider borrowing money to contribute to your RRSP and then paying back your loan with your tax-refund.

• Do speak with an expert to get advice.

• Do contribute to a spousal RRSP. Spousal plans can be set up to split income for the purpose of saving on taxes in the retirement years. The purpose of a spousal RRSP is to shift RRSP assets to the lower income earner, so that at retirement the income from the plan is taxed at a lower marginal rate, resulting in tax savings.