EVERYBODY needs to be careful where they put their money. Canadian government discusses savings confiscation

Even as news is surfacing that the Cypriot bank “bail-in” will now confiscate up to 62.5% of depositor funds, a new budgetary document from Canada’s finance minister suggests that America’s neighbor to the north may be considering a Cyprus-like bail-in system of its own.

A March 21^st economic action plan tabled in the House of Commons by Minister of Finance James M. Flaherty contains the following language on pages 144 and 145:   

“The Government also recognizes the need to manage the risks associated with systemically important banks — those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy.  This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.

“The Government proposes to implement a "bail-in" regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital.  This will reduce risks for taxpayers.  The Government will consult stakeholders on how best to implement a bail-in regime in Canada.  Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants.”

Continued at :-
http://www.breitbart.com/Big-Peace/2013/03/30/Document-Canada-Considering-A-Cyprus-Style-Bail-In-Regime

It is hardly surprising that the Canadian government is discussing what to do in the event of a banking crisis, given the current state of the Canadian house price bubble - ready to pop in the fairly near future.

Canadian house prices are now double their long term inflation adjusted average.
Exactly where US house prices got to, before the US housing bubble popped in 4th Qtr 2007.

http://ian56.blogspot.co.uk/2012/11/canadian-house-prices-continue-to-rise.html

The New Zealand government is also discussing the possibility of future bank bail ins.
Don't be surprised if it happens in the the US and the UK as well as other countries in the Eurozone.
Putting money in a bank anywhere in the world is just not safe any more.