The Banks Are Going Down the Tubes YO Discussion

[Nancy]

Originally Posted by flames_fan_down_under

Question for anyone better educated on CDIC...does it matter what you're holding in your TFSA for it to be CDIC insured? Like ETFs vs Mutual funds vs plain old stocks.

https://www.cdic.ca/your-coverage/pr...-your-deposit/

What's covered?

• Savings and chequing accounts
• Guaranteed Investment Certificates (GICs) and other term deposits
• Money orders and bank drafts
• Certified cheques
• Foreign currency (eg. $U.S.)

What's not covered?

• Mutual funds
• Stocks and bonds
• Exchange Traded Funds (ETFs)
• Cryptocurrencies

[Shazam]

Originally Posted by GGG

Underlying securities are insured through CIPF up to 1 million.

Hmm, I should be okay then.

[Mr.Coffee]

Originally Posted by Shazam

So I'd have to split my RRSP quite a few ways to do this. Can I do it in kind?

easy there humble brag!

[PaperBagger'14]

Originally Posted by Shazam

Hmm, I should be okay then.

I'll have to pull about 15 million out, don't want to expose myself to too much risk.

[MoneyGuy]

I’ve never felt the need to split accounts to $100,000 or less. I have no worries about Canadian banks.

[bizaro86]

Originally Posted by flames_fan_down_under

Question for anyone better educated on CDIC...does it matter what you're holding in your TFSA for it to be CDIC insured? Like ETFs vs Mutual funds vs plain old stocks.

Only bank obligations are covered by CDIC - so stuff like savings and GICs. Mutual funds, ETFs and stocks all have a different type of protection from CIPF up to one million.

However, CIPF isn't an arm of the government and isn't government backed. It also doesn't have nearly enough money to cover losses if one of the big bank brokerages went down somehow. That said, I think its a certainty that the feds would step in before that became necessary for the big bank brokerages.

[FurnaceFace]

Originally Posted by MoneyGuy

I’ve never felt the need to split accounts to $100,000 or less. I have no worries about Canadian banks.

Agreed. If you’re worried about banks then there are an awful lot more things higher up your list to the point that you’ll never need that money because you’ll never get out of bed. The odds of you dying going to the can, while taking a shower, walking down stairs etc are far greater than your bank crashing.

[powderjunkie]

This is why I hold my retirement funds in a diversified portfolio of yachts.

[powderjunkie]

Originally Posted by FurnaceFace

Agreed. If you’re worried about banks then there are an awful lot more things higher up your list to the point that you’ll never need that money because you’ll never get out of bed. The odds of you dying going to the can, while taking a shower, walking down stairs etc are far greater than your bank crashing.

Using stairs while taking a shower sounds really dangerous, indeed.

[Fuzz]

Originally Posted by powderjunkie

This is why I hold my retirement funds in a diversified portfolio of yachts.

I'm not sure even BreX devalued as quickly as yachts do.

[calgarygeologist]

Originally Posted by powderjunkie

This is why I hold my retirement funds in a diversified portfolio of yachts.

I was in Fort Lauderdale not too long ago and I drove by an office building and the sign out front was for a Yacht Consultant. I think that would be a dream job for me. I love boats and it would be awesome to work with clients who are spending tens of millions on boats.

[afc wimbledon]

Originally Posted by powderjunkie

Using stairs while taking a shower sounds really dangerous, indeed.

not to mention taking a dump as well, the whole squat stand in the stairs while holding the shower head seems a recipe for disaster and smelly shame when the medics find you

[topfiverecords]

Originally Posted by calgarygeologist

I was in Fort Lauderdale not too long ago and I drove by an office building and the sign out front was for a Yacht Consultant. I think that would be a dream job for me. I love boats and it would be awesome to work with clients who are spending tens of millions on boats.

We stayed at a hotel on a marina in Malta a few years ago. Holy hell there was a lot of money there floating in the water.

[timun]

Originally Posted by FurnaceFace

Agreed. If you’re worried about banks then there are an awful lot more things higher up your list to the point that you’ll never need that money because you’ll never get out of bed. The odds of you dying going to the can, while taking a shower, walking down stairs etc are far greater than your bank crashing.

Originally Posted by powderjunkie

Using stairs while taking a shower sounds really dangerous, indeed.

Taking a dump while having a shower sounds impressive though.

[Shazam]

Originally Posted by Mr.Coffee

easy there humble brag!

I'm old.

Not sure what the hell everybody else was doing, I just saved up money since I got my first real job and didn't invest in pumpkin futures.

[PaperBagger'14]

Originally Posted by timun

Taking a dump while having a shower sounds impressive though.

1 in 30 people apparently (from the least reliable source imaginable).

https://www.ebaumsworld.com/articles...ower/86216241/

[Cecil Terwilliger]

A link from ebaumsworld? Did I just travel back in time to 1998?

[btimbit]

Originally Posted by Cecil Terwilliger

A link from ebaumsworld? Did I just travel back in time to 1998?

I love it, I haven't read or heard the phrase "waffle stomp" in forever

[topfiverecords]

Originally Posted by Cecil Terwilliger

A link from ebaumsworld? Did I just travel back in time to 1998?

Should be from ebumsworld.

[PaperBagger'14]

Originally Posted by Cecil Terwilliger

A link from ebaumsworld? Did I just travel back in time to 1998?

It's the next best thing to Reuters. Next up some articles from somethingawful