>>That obviously depends on the degree of accuracy you requre. One degreee of latitude is 69 miles (give or take a bit)
>>With longtitude then the level of accuracy for a given precision improves the farther North (or South) you are of the equator...
>
>So, basically, with five decimals, in Canada, if I want to locate a business, I should be within a few meters. Is that correct?

.00001 should be about 1.2yds of Latitude ; Longtitude would be significantly better that far North.
But perhaps my maths is wrong :-{