[kwooding]

In fact, in many cases, deposits in provincial Credit Unions in Canada (e.g. Alberta and BC) are 100% guaranteed. (As opposed to the big banks, which are only guaranteed to $100,000). Some provinces hve other rules, but in general, deposits to Canadian Credit Unions have better deposit insurance protection than the big Canadian Banks.

Source: https://www.canada.ca/en/financial-consumer-agency/services/... (and the marketing campaigns of the credit unions)

[Scoundreller]

Diff is that the feds have the ability to literally print money. Provinces would be limited to issuing bonds.