In plain words
Without it, anyone can send email that says it is from your firm, and most inboxes will accept it.
Why it matters to a firm
Forged invoices and changed wire details usually arrive from an address that looks exactly like yours. A DMARC policy at “reject” stops forged mail in your exact name; it does not stop a lookalike domain.
How anyone can check it
nslookup -type=txt _dmarc.yourfirm.ca If nothing comes back, there is no policy. If it says p=none, forged mail is still delivered.