All banks in Canada must be members of the Canada Deposit Insurance Corporation (CDIC). If the bank becomes insolvent for any reason, your deposits are insured and you’ll get your money back.
CDIC insurance covers $100,000 deposits for each banking category, so savings accounts, guaranteed investment certificates (GICs), business savings accounts, tax-free savings accounts (TFSAs), and Registered Savings Plans (RSPs) accounts are all eligible for CDIC coverage.