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LEARN MORE ABOUT: Bank Failures
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HOW TO INVEST IN SILVER: Silver IRA Investing
Canada has a strong and stable banking system, but that doesn’t mean there aren’t risks. In the event of a Canadian bank failure, it’s important to know how to protect your money. Here are three steps to help safeguard your finances in the unlikely event of a bank failure.
1. Spread Your Deposits Across Multiple Banks
One of the simplest ways to protect your money from a Canadian bank failure is to spread your deposits across multiple banks. By spreading your funds, you can ensure that your money is not concentrated in one institution. This diversification strategy can reduce the risk of losing all your savings if one bank were to fail.
In Canada, the Canada Deposit Insurance Corporation (CDIC) insures eligible deposits with member institutions, including banks and trust companies, up to a certain limit. By spreading your deposits across different CDIC member institutions, you can maximize your coverage and mitigate your risk in the event of a bank failure. The current CDIC coverage limit is $100,000 for each category of insured deposits, such as savings accounts, GICs, and chequing accounts.
2. Review Your Financial Institution’s Health
Another important step to protect your money from Canadian bank failures is to regularly review the financial health of the institutions where you hold deposits. It’s crucial to keep an eye on the financial stability and performance of your bank. By monitoring the financial health of your institution, you can stay informed about any potential risks to your deposits.
Luckily, there are several resources available for Canadians to assess the financial health of their banks. The Office of the Superintendent of Financial Institutions (OSFI) provides public information and reports on the financial soundness of Canadian banks. Additionally, independent credit rating agencies such as Moody’s, Standard & Poor’s, and Fitch provide credit ratings and financial analysis of Canadian banks. By staying informed about your bank’s financial health, you can make informed decisions about your deposits and take action if necessary.
3. Consider Alternative Financial Products
In addition to spreading your deposits and monitoring your bank’s financial health, consider alternative financial products such as investment vehicles and credit union accounts. While banks are the most common place to hold deposits, credit unions and investment products can offer alternative and potentially safer ways to store and grow your money.
Credit unions in Canada are regulated by provincial authorities and insured by deposit insurance corporations, such as the Credit Union Deposit Insurance Corporation (CUDIC) in Ontario. Additionally, investment products such as mutual funds, exchange-traded funds (ETFs), and guaranteed investment certificates (GICs) can provide alternative options for saving and investing your money, with different risk profiles than traditional bank deposits.
In conclusion, Canadian bank failures are rare, but it’s important to take steps to protect your money in the event of a financial crisis. By spreading your deposits across multiple banks, monitoring your financial institution’s health, and considering alternative financial products, you can safeguard your hard-earned money and reduce your risk in the event of a bank failure. It’s always best to be proactive and prepared when it comes to protecting your finances.
Your hard earned money is ephemeral, but your debt is eternal.
Canadians love GICs, foreigners love Canadian Banks with juicy profits to take home.
Weak up and smell the coffee Canada.
Pull it all out and buy gold and silver. Remember Wef. You will own nothing and be happy ✌️
BITCOIN
Love your show but you never reply,
Great video so if someone have 10-12 million dollar they should not keep it in one account ? How ultra Rich protect their money ?
Take it out. They are insolvent
Has there EVER been a history of a bank failure in canada? Yeah, of ALL the things to worry about…
Thank you, Russell. As always a stellar presentation and review.
Thanks for this vid Russell. Can you also do a video on Bank Bail-In's, and include info on if/when the bank insurers file bankruptcy themselves if/when our Canadian banks fail.
Hey Russell, how do we invest in Blackchain only and not in the cryptos?
How much is Canada protected when (not if) the American Dollar collapses?
How much money is in cdic. I don't believe enough to cover a small bank
The worry is actually NOT the big-5 .. they are backed, tied to the government in MANY ways .. so one could argue that the CDIC is a formality as it is government backed funding. The much larger concern is Credit Unions which are basically "self insured" – which, I have no idea how that was ever allowed, but it was and people tending to never take note of the irony of that system. It worked "in theory" as most provinces had MANY credits unions, so the idea was that if one failed the other would still be afloat – but that is not often the case now as 'the many" credit unions merged to mitigate the concern on their balance sheets. In my view (seek professional advice of course) that by having fewer players, if one goes under, or two – that could "more easily" be enough to take them all down. Feel free to correct me if I have it not right.
Thx for the info. I am wondering how about the Financial Services Regulatory Authority of Ontario (FSRA). Is this secured enough comparing to CDIC's coverage? Thx
Helpful information.
Russell, my wife and I came into a significant inheritance ( hasn't been received yet) and wondering what we should do as we plan on using most to purchase our 1st home in about 12 to 17 months.
Could you please advise our best options to increase it's value and help us come tax time if possible.
"Message from the Government"…..
Sorry people but we're broke. But what we can do is start a new form of currency.. CBDC. This can be procured from the World Bank.
Does anyone know which credit unions may be a better choice? For now anyway…
Gold and silver only!
Trust the banks, now bend over.
The Fed is no doubt at fault when they were too slow in controlling inflation in the beginning and now they are trying to do extreme catchup. The pandemic, the supply chain issues, and the Ukraine war all contribute to this perfect storm of brewing inflation. Don't forget the big spike in housing prices, that's another reason the Fed is having a hard time-fighting inflation. All in all, cash in king now and milk that high savings rate if you got the cash despite that investor fear banks with no Credit Suisse . Good times will only last so long and bad times will fade. My advice to anyone feeling the heat in this inflation just trades long term more than ever, I have made over 1.7m from day trading with Brian Fischer in a space of five month.
What about Credit Union Insurance for 250K
Smaller Credit unions in BC are covered by CUDIC however they only have enough of a fund to to cover 1.69% of deposits. Then you will get your coupon for the deposits that were stolen from you. Yes it can happen!
CDIC has 7 billion in holdings?
For those that can't read unless they have to… history shows it is guaranteed that the banks are going to fail way sooner than later. The optimist is going to lose all. The pessimist is going to gain big time.
Do not buy into panic propaganda, these banks are ours and they will protect our money..There are speculative mortgages but those will be called by the banks and sold at real market values soon..
the thing is we are in unprecedented times. I believe history doesn't repeat but it sure does rhyme. The inflation rate is just beginning to show it's ugly face and it has been a very long time since hyper inflation popped it's head over the horizon. One needs to look at the past to appreciate the present and understand the future. Case in point look at Germany way back in the day. Fiat currency isn't real tangible money and is only propped up by the belief in the country representing it. Gold and Silver you can hold in your hand are the real answer. Also paying off your debts so you have no mortgage or credit outstanding if you can works well. Become self sufficient and learn how to live on less as this will save you from having to buy stuff and get to know your neighbors for barter purposes.,
Great video! I never heard of CPIF, so I'll look into it
What about savings in US dollars, I believe they are covered too.
Put your money in an offshore account like the liberals do..
Great video Mathew.
What about the smaller Credit Unions ?
Canada has tighter regulations than the USA especially after the last President in the USA not only gave the wealthy the biggest tax cut ever but weakened Obamas regulations which is now backfiring for the USA. The Right has a way of enriching the wealthy even more and causing problems for everyone else.
Come on man…good information but did you have to shill for Wealthsimple? Should have put examples you are neutral with.
Canadian banks won't fail. Justin will just print more money to give them.
Is it the same then as in US. Wealth simple,TD Waterhouse etc are only custodians holding YOUR money ,unlike banks and credit unions that have the ability to limit or block what you remove from your accounts?
There are not going to be Canadian Bank Failures . Period .
This is nothing but cheap fear mongering .
Its smaller US and EU banks people should be concerned about .
.
You have another organization called a liberal party of Canada and what they do is they freeze your bank account and they steal your money illegally the world is completely late I'm living in the West Africa man and the people here that the government I'm dealing with presidents and things like that and they're completely like they want to throw up when they hear that news they can't believe it not even their EDM mean or Gaddafi could even think about doing that kind of garbage Justin's dad Fidel Castro he never did that shit why are Canadians still sitting down you guys have your guns man get up stand up stand up for your right Bob Marley said that yeah what is wrong with you people you know what you need to do go buy some more toilet paper forget about the food toilet paper needs food yeah but go buy toilet paper and fill your whole stupid garage with toilet paper yeah oh you guys are smart Way smart I left I live in beachside live in the freedom I pulled all my money out of all my banks even the ones here because the UBA Bank here tied with Citibank in the US it's just cash and I moved it over to gold we got blood diamonds Sierra Leone blood diamonds ooh scary place probably the safest country in the world you guys you guys go to Mexico wow that's a scary place I'm living the dream I live in freedom 56
Buy xrp xlm now today. Not Monday. As it's way out of affordability after that
I was watching Ed Dowd talking to Patrick (PDP podcast episode 244) Ed worked for black Rock and has been in the industry for decades he said on that broadcast (sorry I didn’t time stamp) that banks around the world are broke that is why they want to reset with the digital CBCDs!
Put your money in a credit union. Their federally mandated charter they operate under REQUIRES that they have 100% asset backing for deposits no matter the size. The big banks may be insured as such, but are only required to have 10% liquid assets on hand.