I believe your friend is just being pedantic. (You could ask to be sure what they had in mind.) Regular savings accounts in Canada (both high and low interest) are CDIC insured. The probability of the Canadian economy collapsing such that CDIC insurance is unable to pay, is so low that, compared to other places you can put your money, effectively there is no risk.
When you talk about risk in general, it makes sense to consider the alternatives. Based on a previous question of yours, I assume your money is currently sitting in a very low interest bank account, also which is CDIC insured. Moving that money into another CDIC insured HISA literally has zero additional risk compared to leaving it where it is now. If one is extremely paranoid about the economy, then perhaps one might think the alternative is keeping it as cash somewhere. Statistically, the risk of cash being lost, stolen, or destroyed is much higher than CDIC failing. Another alternative is crypto, but without a locked in monetary standard it's far too volatile, and likely carries an even higher risk of being lost or stolen, than cash does.
By the way, an interesting statistic regarding CDIC:
Since our creation by Parliament in 1967, CDIC has handled 43 failures, affecting more than 2 million depositors. No one has lost a single dollar that is under CDIC protection.