In plain words
It tells other mail servers which senders are really yours. On its own it does not tell them what to do with the ones that are not.
Why it matters to a firm
A missing or loose SPF record makes forged mail in your name easier to deliver, and a DMARC policy cannot be enforced well without it.
How anyone can check it
nslookup -type=txt yourfirm.ca Look for the line that starts v=spf1. Ending in -all is strict; ~all or ?all is loose.