According to the Canon knowledgebase for that camera, that is the message you should get when you reset settings to default.
Under "Search Our Knowledgebase"
type in busy
then click search.
On that same page you can seek support by eMail.
Why do I keep getting a "busy" signal when I try to reset settings to default values on this camera and what can I do to avoid this? No where in the manual is there mention of this. I have checked it backwards and forwards looking for help. Thank you for any advice you can give me.