Saw this when it came out, interesting that YCombinator is coming up with international versions of these now.
There’s basically no substantive changes from the American version, and like you said most lawyers had a similar “Canadianized” precedent based on the US YCombinator SAFE or the NACO docs in any event. The changes deal mainly with Canadian securities law compliance and changing “stock” to “shares.” Always thought “shares” sounds better.
It’s a bit curious to me that they added a currency clause confirming that the investment amount is in USD by default. Wonder how many people are going to miss that when they use it to raise exclusively in Canada for Canadian companies and run into problems.
The only major thing to note about this is that, per the switch YCombinator made a couple of years ago with all its other SAFEs, this is a post-money SAFE. Canada has not really caught up on that, and the NACO docs and most precedents I see floating around are still pre-money. As more people start using this YCombinator doc a precedent, this may shift that tide a bit and me may start seeing post-money become the default for SAFEs in Canada as well. Better for investors, worse for companies.