Q: With the March 21 budget mention of Canadian banking "bail in".http://www.cbc.ca/news/politics/story/2013/04/02/f-rfa-macdonald-canada-cyprus-banks.html. It appears that if my bank gets into financial difficulty it has the right to seize my assets (cash).
The Big 5 banks also control brokerage firms in which I have all my assets (stocks, RSP, TFSA, etc). If the bank did get into difficulty would my above assets be at risk. Further to this what independent brokerages are there that would not subject me to this and also offer online trading?
Look forward to your response as this as you can appreciate is becoming a major concern for me.
Regards,
S
The Big 5 banks also control brokerage firms in which I have all my assets (stocks, RSP, TFSA, etc). If the bank did get into difficulty would my above assets be at risk. Further to this what independent brokerages are there that would not subject me to this and also offer online trading?
Look forward to your response as this as you can appreciate is becoming a major concern for me.
Regards,
S