Cash refund is the best option.Surprisingly Air Canada has refunded those tickets, if I understand correctly because they rescheduled the flights before March 18 (so we are covered by the flight reschedule rules). They kindly offered us the choice of cash or a credit for the same amount for two years. We took the cash . I'm pretty sure if the Bank of Canada collapses, Air Canada credits are not going to be that useful.
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Unfortunately all those budget airlines that I am dealing with are only offering credit. I am not too worried about bank collapsing in this part of the world but NOT too sure about the budget airlines.
I am sure some National airlines would like to see the folding of their rivals.