As Dik says, the live load factor is 1.5 in Canada but we also have a resistance factor, [φ] which modifies the yield strength of the material. In the case of flexural strength of steel, [φ] = 0.9, so in effect our overall factor is 1.5/0.9 = 1.67, not significantly different than the AISC formulation.
It is true that different codes will have different fudge factors, but some things are universally true.
One is that, provided a beam cross section is within the elastic region, the flexural stress at any point is M*y/I and the maximum stress at the outer fiber is M/S where S is the elastic section modulus.
Another is that the failure moment of a steel beam is Z*Fy where Z is the plastic section modulus and Fy is the yield stress.
Since the ratio Z/S varies depending on the shape of cross section, Limit States Design (LSD in Canada, LRFD in USA) is a better method for determining strength. For determining deflection or stress, elastic design is used throughout the world.
BA