Glossary
SEDAR+ Filing Support: The Venture Issuer Filing Calendar and What Finance Prepares
SEDAR+ is the Canadian Securities Administrators’ system for filing continuous disclosure. A TSXV or CSE venture issuer must file annual audited statements and MD&A within 120 days of year end, and interim reports within 60 days of each quarter end. Filing support is the work of having each document complete, approved and transmitted before those dates.
To see every deadline for your own year end, with weekend and holiday roll-forward, use our issuer filing calendar. The table summarizes NI 51-102, using the original October 7, 2026 source review. Document-specific exceptions, required AIF timing and local filing rules need to be checked for the issuer.
What is SEDAR+?
SEDAR+ replaced the original SEDAR platform in July 2023 and is now the system through which issuers transmit most documents to Canadian securities regulators. Under the companion policy to NI 13-103, a document counts as filed when its transmission through SEDAR+ is complete, the system is generally available every day, and the copy stored in SEDAR+ is the official record. Documents filed on the legacy system remain publicly searchable.
Not everything goes through SEDAR+. Insider reports still go through SEDI, and your exchange has its own filing requirements and portal. A complete filing cycle usually touches all three.
What are the SEDAR+ filing deadlines for a venture issuer?
| Filing | Venture issuer deadline (NI 51-102) | Non-venture for comparison | Filed with it |
|---|---|---|---|
| Annual audited financial statements | 120 days after year end (s. 4.2) | 90 days | Annual MD&A; NI 52-109 annual certificate timing also depends on a required AIF |
| Annual MD&A | Same deadline as the annual statements (s. 5.1) | 90 days | |
| Interim financial report (Q1, Q2, Q3) | 60 days after the interim period end (s. 4.4) | 45 days | Interim MD&A and certificates; a notice if no auditor reviewed it (s. 4.3 (3)) |
| Material change report | News release immediately; report within 10 days of the change (s. 7.1) | Same | |
| Business acquisition report | 75 days after a significant acquisition; 120 days for a venture issuer where the acquired business’s year ended 45 days or less before the acquisition (s. 8.2) | 75 or 90 days | Acquired business statements |
| Statement of executive compensation | 180 days under s. 9.3.1; 140 days for the separate disclosure required where s. 11.6 applies (no required circular and no qualifying circular or AIF disclosure) | Generally 140 days | Form 51-102F6V may be used by venture issuers |
| Information circular | With the notice of an annual or special meeting | Same | Meeting materials |
Venture issuers are generally not required by NI 51-102 to file an annual information form, which is one reason their annual cycle is lighter than a TSX issuer’s.
Semi-annual reporting pilot. Since March 19, 2026, CSA Coordinated Blanket Order 51-933 lets eligible venture issuers skip the three- and nine-month interim reports and MD&A. Eligibility includes a TSXV or CSE listing, at least 12 months as a reporting issuer, revenue of no more than 10 million dollars in the latest audited annual statements, being current on filings, and a news release on SEDAR+ announcing the election. The six-month report and the annual filing remain. Check the blanket order’s current conditions before relying on it.
What does finance prepare for each filing?
Successful transmission depends on a complete, approved document package and working access. Build time for both preparation and filing checks.
| Filing | What finance prepares | What usually decides the timing |
|---|---|---|
| Annual statements and MD&A | Consolidated working papers, IFRS statements and notes, the audit file and supporting schedules, MD&A drafted from the same numbers, board and audit committee approval materials | The external auditor’s fieldwork window, so it is booked well before year end |
| Interim report and MD&A | Interim statements, updated notes, MD&A, the unreviewed-statements notice where it applies | Close speed; if an auditor review is engaged, its schedule |
| CEO and CFO certificates | Certificates matched to the exact period and document set, with the basis for signing documented | Final versions of the statements and MD&A |
| Material change report | The financial facts behind the change and consistency with the news release | The date of the change, not a period end |
| Business acquisition report | Acquired business statements and, where required, pro forma statements | Access to the vendor’s records and its auditor |
| Executive compensation and circular | Compensation tables reconciled to payroll and option records | The meeting date and notice period |
| Exchange filings | Exchange forms and fees alongside the SEDAR+ filing | Each exchange’s own rules and portal |
What goes wrong in SEDAR+ that is not accounting?
A finished document can still miss its deadline if access, categorization or payment is unresolved. Points to manage:
- Profiles. Every filing is made against an issuer profile. If the profile is out of date after a name change, a change of year end or an amalgamation, fix it before deadline week, not during it.
- Access and roles. SEDAR+ access runs through user accounts linked to the issuer’s organisation. A filing agent, law firm or accounting advisor can file only if the issuer has given them access to the profile. Confirm who holds access, and who can grant it, before the first deadline with a new advisor.
- Document types. Each document is filed under a specific category. A certificate filed under the wrong type, or for the wrong period, needs correction and can leave the issuer looking late.
- Fees. A filing can attract a SEDAR+ system fee under Multilateral Instrument 13-102 and a regulatory filing fee under each jurisdiction’s own fee rules. Payment is part of the transmission, so whoever files needs a working payment method on the account.
- Language. Some jurisdictions require French versions of certain documents.
- Failure to file. A late annual or interim filing can lead to a failure-to-file cease trade order from the regulator, which halts trading in the issuer’s securities until the default is cured. The cost lands hardest on a venture issuer in the middle of a financing.
The semi-annual reporting order also includes conditions concerning sanctions, cease trade orders and earlier cessation of reliance during the preceding 12 months. Eligibility is tested at each relevant period end; a revenue threshold and current filings alone are insufficient.
Practitioner note: what Treewalk’s filing support covers
Treewalk does not audit, review or otherwise provide assurance on financial statements; the audit opinion comes from your independent auditor. Our public companies practice prepares and coordinates on the company side, and issuers take the parts their own team cannot carry:
- consolidated working papers and IFRS financial statement preparation
- MD&A drafted from those working papers
- the audit file, supporting documents and liaison with the external auditor
- CEO and CFO certificates and board and audit committee resolutions
- SEDAR+ submission and coordination with the exchange filing
For an issuer that also reports in the United States, the Canadian calendar runs alongside EDGAR filing obligations, and the two sets of deadlines do not align.
Frequently asked questions
What is the difference between SEDAR and SEDAR+?
SEDAR+ is the current system and replaced SEDAR in July 2023. New filings go through SEDAR+; documents filed on the old system remain publicly accessible.
Do we need a filing agent to file on SEDAR+?
No. An issuer can file directly once it has a profile and user access. Many use a filing agent or advisor, who files only with access the issuer grants.
What happens if we miss a filing deadline?
The regulator can issue a failure-to-file cease trade order, which halts trading until the missing filing is made and the order is revoked. Building the calendar backwards from each deadline, starting with the auditor’s timetable, is the practical defence.
Is the SEDAR+ filing the same as the exchange filing?
No. SEDAR+ is the securities regulators’ system. The TSXV and CSE each have their own filing requirements and portals, and both usually need to be done.
Can a venture issuer report semi-annually?
Since March 19, 2026, eligible TSXV and CSE issuers can elect semi-annual reporting under Coordinated Blanket Order 51-933, subject to its conditions. Our issuer filing calendar shows the standard quarterly deadlines.
NI 51-102 can require earlier annual or interim filing when the corresponding statements are filed in a foreign jurisdiction. The 120-day and 60-day venture deadlines are not permission to wait after an earlier foreign filing.
Where to next
Start with your dates: the issuer filing calendar builds the next four quarters of deadlines for your year end. For the obligations behind each filing, read continuous disclosure. If your filing calendar is running ahead of your finance team, our public companies team prepares statements, MD&A and certificates for TSXV and CSE issuers and handles the SEDAR+ submission. To talk through your next quarter, contact the Public Companies team with your year-end, listing venue and next filing date.
