Is my money safe in Canadian Banks?

Canada as of 2014 as one of the best banking systems in the world however Canadians per capita are one of the highest debtors in the world as well and the major Canadian banks already have provisions in place to make sure that Bank run doesn’t occur in Canada. For those of you that don’t know what a bank run is the definition is below.

Bank run: the concerted action of depositors who try to withdraw their money from a bank because they think it will fail

The reason I say this to Canadians is if they want to protect their money in the event of a bank run I advise them to sign up with a trusted credit union or some other reliable financial institution. Also of-course saving some money under the mattress isn’t such a bad idea either. If you’re not in debt and you’re currently not investing I recommend keeping your money on you and not leaving it with the banks because if a financial disaster strikes chances are the major banks will not give you your money or they’ll put withdrawal limits on your account.