member institution. Coverage Insurance is restricted to CDIC member institutions, and covers $100,000 in certain types of deposits, such as savings accounts and chequing accounts, guaranteed investment certificates (GICs) and other term deposits with an original term to maturity of five years or less, money orders, travellers' cheques and bank drafts issued by CDIC members and cheques certified by CDIC members, and debentures issued by loan companies that are CDIC members. Eligible deposits are insured separately in each of seven categories: in one name in more than one name in an RRSP in an RRIF in a TFSA in trust for paying taxes on mortgaged properties A key characteristic of CDIC deposit protection is separate coverage. Given that each deposit category is protected separately, depositors can benefit from protection far in excess of $100,000 (e.g. they are protected for $100,000 in each of seven categories). Most credit unions (and caisses populaires in Quebec or New Brunswick) are not insured federally, because they are created under provincial charters and backed by provincial insurance corporations which generally follow the CDIC model. Federal credit unions, such as the UNI Financial Cooperation caisse in New Brunswick, are incorporated under federal charters and are members of CDIC. ATB Financial, a financial institution owned by the Government of Alberta, is insured directly by the Alberta provincial government rather than through a federal or provincial insurance corporation. Funds in foreign banks operating in Canada are not covered. Deposits in foreign currencies, such as United States dollars, are also not insured even if they are held by a registered CDIC financial institution. Guaranteed Investment Certificates with a term longer than 5 years are also not insured. Some funds in Registered Retirement Savings Plans or registered retirement income funds at a bank may not be covered if they are invested in mutual funds or held in specific instruments like debentures issued by government or corporations. The general principle is to cover reasonable deposits and savings, but not deposits deliberately positioned to take risks for gain, such as mutual funds or stocks. Current financial position According to CDIC's Quarterly Financial Report at 31 December 2017, CDIC protects $774 billion CAD in insured deposits. CDIC's ex ante funding level is $4.2 billion, representing 55 basis points of insured deposits. List of financial collapses since 1967 Commonwealth Trust Company 1970 Security Trust Company Limited 1972 Astra Trust Company 1980 District Trust Company