Canada is a cornerstone of the North American economy, celebrated for its diverse industries and stable economic environment. Creditsafe offers comprehensive business credit reports covering a broad spectrum of companies operating within Canada. Our reports provide detailed insights into the financial health, legal status, and business practices of Canadian entities, enabling informed decision-making
Canadian business data at your fingertips
Best in Class Canadian Credit Data
So that you can make the most informed business decisions we strive to offer our clients the best possible sources of international data available. Given the close relationship between Canadian and US businesses, Creditsafe has developed a partnership with the leading business information provider in Canada, Equifax and have been servicing customers in Canada since our operations opened in 2020. Utilizing the power of Equifax’s business data in conjunction with our own data Creditsafe can now offer a best in class business intelligence service for companies looking to do business in Canada.
Creditsafe provides access to 6,680,106 detailed historical and active Canadian business credit reports. As a major player in global trade, Canada offers abundant opportunities for business growth and development. Our reports deliver critical insights into financial data sourced from authoritative Canadian sources, alongside essential legal information. They are essential for assessing creditworthiness, evaluating financial stability, and navigating regulatory requirements in Canada. Whether you're establishing partnerships, analyzing market risks, or making strategic investments, our Canadian credit reports offer the essential intelligence needed to make informed decisions in this dynamic market.
What’s Included in a Canadian Credit Report
-
Credit scores & limits
Each Canadian credit report will contain key credit information such as credit scores and an international credit score for cross border comparison.
-
Shareholder Information, Group Structure, and Corporate Hierarchy
Detailed information on shareholders, group structure, and corporate hierarchy offers comprehensive insights into the organization's ownership and operational setup.
-
Demographic Data
Includes firmographic details such as industry codes, business size, years in operation, and sales levels, sourced from public registries, Canada Post, and provincial/territorial registries.
-
Derogatory legal
Includes insolvency records sourced from Insolvenzbekanntmachungen and debtors' register.
-
Payment Data
Supplemented by customer-provided information or external suppliers
Canadian credit scores and credit limits
The Financial Trade Delinquency Score (FTDS)
The Financial Trade Delinquency Score (FTDS) helps predict the likelihood that a business will stop operating within the next year. The score ranges from 300 to 900, with higher scores indicating a lower chance of failure. FTDS includes four reason codes that explain the key factors affecting the score. Additionally, a trend graph tracks the FTDS over nine quarters, showing how the score changes over time.
Business Failure Risk Score
The Equifax Business Failure Risk Score (BFRS2) predicts the likelihood that a company will cease business, voluntary or involuntary, with loss for the creditors, within the next 12 months. The Business Failure Risk Score uses statistical probabilities to classify companies into a risk classification from 1001 to 1650. This scale is based on the chance of a business experiencing the above definition of “bad” failure over the next 12-month period. The Business Failure Risk scoring model utilizes the power of Equifax’s vast database containing information on more than three million Canadian businesses including firmographics, public records, inquiry, industry and small business banking trade data.
Commercial Delinquency Score
EFX Commercial Delinquency Score helps predict the likelihood of a company NOT paying its non-financial trade accounts in a timely manner in the next 12 months period. It uses advanced statistical models to predict and calibrates the probabilities into a score range of 101-600. The model is built by leveraging EFX’s vast database containing information on more than three million Canadian businesses including firmographics, public records, inquiries, industrial and small business banking trade data.
Undertsanding Companies in Canada
Tax Numbers and Company ID in Canada
In Canada, every company is required to file a Tax number, known as the Goods and Services Tax (GST) or Harmonized Sales Tax (HST) registration number, for taxation purposes. This identifier is crucial for businesses engaging in taxable transactions across the country. Additionally, Canadian companies are assigned a unique Business Number (BN) by the Canada Revenue Agency (CRA). The BN serves as a universal identifier for federal and provincial tax purposes, simplifying interactions with government agencies and ensuring compliance with tax regulations. Understanding and verifying these numbers is essential for accurate financial reporting and regulatory compliance within the Canadian business landscape.
Filing Requirements in Canada
While all companies in Canada are required to file taxes with the Canada Revenue Agency (CRA), the obligation to publicly release financial statements extends primarily to Public Listed Companies (PLCs). These PLCs must adhere to stringent disclosure requirements under Canadian securities laws, including the publication of annual financial statements. These statements provide transparency to shareholders, investors, and regulatory bodies, offering insights into the company's financial performance, liabilities, and strategic direction. For non-publicly listed companies, while there is no statutory requirement to publish financial statements, accurate financial reporting remains essential for internal management, regulatory compliance, and strategic planning purposes. Understanding these filing requirements is crucial for maintaining financial transparency and regulatory compliance within the Canadian corporate landscape.
Monitoring Canadian Companies
Our Monitoring service, available in 46 countries globally, provides customizable alerts on critical company events such as credit risk indicators, financials, and company status. Whether accessed through our web-based service or Creditsafe Connect API, you receive timely updates to spot risks and opportunities precisely when needed.
We gather data from thousands of international sources, including official registries and trusted partners. The types of events monitored vary by region due to local filing requirements and data availability.
Our data includes:
- Company Registration Details
- Company Status
- Local Credit Scores
- Credit Limits
- Director Details
- Company Financials
Stay proactive and informed with our comprehensive Monitoring service, designed to help you navigate risks and seize opportunities effectively.
