To quote
http://www.cdic.ca/?id=100
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown Corporation. It was created in 1967 to provide deposit insurance and contribute to the stability of Canada's financial system. CDIC insures eligible deposits at member institutions (up to $100,000 per depositor) and reimburses depositors for the amount of their insured deposits when a member institution fails.
To be eligible for insurance, deposits must be in Canadian currency and payable in Canada. Term deposits must be repayable no later than five years from the date of deposit.
As a consumer, you do not have to apply for deposit insurance. Subject to coverage limits, eligible deposits held with a CDIC member institution are automatically insured.
To date, CDIC has provided protection to depositors in 43 member institution failures. As at April 30, 2004, CDIC insured some $376 billion in deposits.