The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation. It was created by Parliament of Canada in 1967 to protect the deposits made with member financial institutions in the event of their failure. CDIC is not a bank or a private insurance company. The deposit insurance is is funded by premiums paid by the various member financial institutions.
If your financial institution is a CDIC member and collaspes then you are eligible for CDIC coverage on your savings of up to $100,000.
Website: Canada Deposit Insurance Corporation