Glossary
SEDAR+ Filing Support
SEDAR+ is the electronic system Canadian reporting issuers use to file continuous disclosure documents with securities regulators, and SEDAR+ filing support is the work of preparing those documents and getting them submitted correctly and on time. It replaced the original SEDAR system, consolidating filings across the Canadian Securities Administrators into one platform. At Treewalk, we prepare the underlying statements and MD&A and handle the filing mechanics for TSX Venture and CSE issuers.
What actually gets filed
Every reporting issuer in Canada operates on a disclosure calendar. The recurring filings are the ones that create the workload:
- Interim financial statements, filed quarterly
- Interim MD&A, filed with each set of interim statements
- Annual audited financial statements
- Annual MD&A
- CEO and CFO certificates accompanying both interim and annual filings
- Material change reports, filed as events occur rather than on a schedule
- News releases, filed alongside their dissemination
- Annual general meeting materials, including the information circular
Beyond the recurring set, an issuer files prospectus documents, business acquisition reports, and technical reports as circumstances require.
Why the mechanics cause more trouble than the accounting
The financial reporting is the hard intellectual work. The filing is the part that actually goes wrong.
The failures we see are almost never analytical. They are a document filed under the wrong category, a certificate that does not match the period of the statements it accompanies, or a French-language requirement nobody accounted for. On one venture issuer file the statements were finished four days early and the filing still went to the wire, because the profile on the system had not been updated after a name change and nobody discovered it until submission.
The other structural trap is the deadline itself. Interim and annual filing deadlines are fixed by regulation and they do not move for a busy quarter or a delayed audit. Missing one can result in a cease trade order, which halts trading in the issuer’s securities and is a serious event for a small-cap company trying to raise money.
The filing calendar we work backward from
We plan every engagement from the deadline, not from the period close.
| Filing | Trigger | Practical planning note |
|---|---|---|
| Interim statements and MD&A | Each of the first three quarters | Working papers should be substantially complete before quarter end |
| Annual statements and MD&A | Fiscal year end | Auditor timeline is the binding constraint, so book it early |
| CEO and CFO certificates | Filed with each of the above | Must match the exact period and document set being certified |
| Material change report | An event, not a date | Needs a process, because the clock starts when the event occurs |
| AGM materials | Annual meeting | Backs up against the meeting date and notice requirements |
For issuers also listed or reporting in the United States, the Canadian calendar runs alongside EDGAR filing obligations, and the two sets of deadlines do not align neatly.
How we support the filing cycle
Our public company scope is modular, and issuers take the parts their internal team cannot carry. Typically that includes preparing consolidated working papers, drafting interim and annual statements under IFRS, drafting the MD&A from those working papers, compiling the audit-ready file and liaising with the independent auditor, preparing the officer certificates and board and audit committee materials, and then handling the SEDAR+ submission and coordinating the exchange filing.
Treewalk does not provide audit or attest services. The audit opinion always comes from a separate firm, and our role is preparation, coordination, and filing.
Chris Grundling, CPA, CA, Managing Director, Financial Services, leads this work. His background covers IFRS and US GAAP, public company continuous disclosure across TSX, TSX Venture and NASDAQ, and IPO preparation.
Frequently asked questions
What is the difference between SEDAR and SEDAR+?
SEDAR+ is the current system. It replaced the legacy SEDAR platform and consolidated filings that were previously spread across separate systems and provincial regulators. Documents filed on the old system remain publicly accessible, but new filings go through SEDAR+.
Do we need an agent to file on SEDAR+?
An issuer can file directly once it has a profile and the appropriate access, and many use a filing agent or their advisors. We handle submission for clients as part of the reporting engagement, which keeps the preparation and the filing with the same team.
What happens if we miss a filing deadline?
The securities regulator can issue a cease trade order, which suspends trading in the issuer’s securities until the default is cured. For a venture issuer mid-raise this is damaging well beyond the filing itself, which is why we build the calendar backward from each deadline.
Is SEDAR+ the same as the exchange filing?
No. SEDAR+ is the securities regulators’ system. The stock exchange, whether TSX Venture or CSE, has its own filing requirements and portal. Both usually need to happen, and we coordinate them together.
Can you take over filings partway through a fiscal year?
Yes, and it is common. We start by reviewing the prior filings and working papers to understand what has already been represented publicly, then pick up the calendar from the next deadline.
Where to next
If your filing calendar is running ahead of your finance team, our public companies practice covers preparation through submission for TSXV and CSE issuers. The related pieces on MD&A and continuous disclosure explain what sits behind each filing. To talk through your next quarter, email Chris Grundling at chris.grundling@treewalk.com.
