My understanding from the study we did, which focused on personal information protection, was that when we talk about security clearances we talk about them in terms of Canadian standards. This means meeting the independent standard the Canadian government sets rather than simply saying that in another country, if the other country says that they pass their security clearances, they pass Canada's. Again, I think DFAIT could give you the detail you're looking for.
On February 23rd, 2009. See this statement in context.