have some regional differences. I know in Canada there is a positive ground as well as two fuses at the point of entry .

The bigest thing that I saw with your circuit was the total lack of protection from surges and normal ac ringing signal levels. Those base emitter junctions will be zenering on every ring. Ring signals may also get into the power supply through the collector junction led and resistor. it depends on your complete design and schematic to restrict the voltage levels to safe operating levels.

You would also need reguatory approval to attach it to a canadian phone line. that is also probable for most places in the world.

I also suspect that your reference ground connection will lock the ring line firmly to ground but your schematic snippet is not complete enough to be sure.
If there is no proper reference a short could assume any potential tip, ring, or something in between from the perspective of your selected input point so it is difficult to imposible to define the led states from this snippet