In plain words
It tells other mail servers which senders are really yours. A domain has one SPF record; a new service is added inside it, never as a second record. The record may make at most 10 DNS lookups.
Why it matters to a firm
A missing or loose SPF record makes forged mail in your name easier to deliver, and a second record or an eleventh lookup makes the whole check fail.
The check behind the finding
nslookup -type=txt yourfirm.ca Look for the one line that starts v=spf1. Ending in -all is strict; ~all is softer.