Final answer:
CDIC does not cover GICs with a term longer than 5 years. CDIC insures several types of deposits such as savings accounts and small CDs, but GICs must have a maturity of 5 years or less to be insured.
Step-by-step explanation:
The term past which the Canada Deposit Insurance Corporation (CDIC) does not cover Guaranteed Investment Certificates (GICs) is 5 years. CDIC is a federal Crown corporation that provides deposit insurance to protect deposits made with member financial institutions in case of their failure. CDIC coverage includes a variety of financial products, such as savings accounts, small CDs, and certain types of GICs, but only when these have a maturity date of 5 years or less. Products like government savings bonds, IRAs, money market mutual funds, and GICs that mature in more than 5 years are not covered by CDIC.