Thank you, Madam Chair.
FP Canada is a public interest organization focused on helping Canadians build financial well-being and confidence in their financial decisions. We certify and oversee financial planning professionals who help people make informed decisions across their full range of financial lives, including budgeting, debt management, savings, retirement planning, and tax and insurance needs.
Significant research has been undertaken. It reinforces what many Canadians are already feeling: Financial vulnerability is no longer a marginal issue. More than half of Canadians say they are not getting ahead financially, and nearly three in four show some level of financial vulnerability. Bill C-31 addresses a number of important programs, incentives and benefits, but it does not address the critical question of whether Canadians have access to the guidance they need to make these supports work together and build long-term financial resilience.
Financial resilience is not built through a single benefit, account or tax measure. It is built through the decisions that people make over time, often when they are navigating competing priorities and complex choices. We see an opportunity to help Canadians move beyond accessing individual programs and toward building a coordinated plan for their financial future. That is why FP Canada is proposing a phased federal financial planning grant to help low- and middle-income Canadians access and implement a comprehensive first financial plan delivered by a qualified financial planning professional.
Our proposed program structure is as follows. Eligible Canadians work with a qualified financial planner to develop a comprehensive financial plan and identify appropriate savings vehicles aligned with their life goals. That could be, for example, buying a first home, paying off student debt or planning for a family. To be eligible, the individual would attest that this is their first financial plan. The planner would provide the individual with evidence that the financial plan received met the program eligibility requirements. Following receipt of the confirmation through tax filing, government would deposit the grant directly into a registered account that supports the implementation of their financial plan using existing government payment infrastructure. This could include a TFSA or RRSP, for example, or a first home savings account.
We recommend that this process be structured over three separate phases, as the benefits of financial planning are strengthened through the development of good financial habits that require consistent support over multiple years. This approach supports plan implementation, including periodic plan reviews and adjustments as life circumstances change. A proposed lifetime maximum of $3,000 would be distributed across the three phases, encouraging long-term participation and implementation. Discussions have been ongoing with government, financial institutions, professional financial planners and other delivery partners using existing infrastructure wherever possible to support efficient administration and strong consumer protection.
Why does this matter? FP Canada conducted consumer research in 2023, 2025 and 2026. It consistently showed that over 50% of Canadians are falling behind or barely getting by, with no savings. Consumer research by the Financial Resilience Institute in 2026 found that 74% of Canadians exhibit some level of financial vulnerability. It also found that Canadians who work with a financial planner demonstrate stronger financial resilience than those who do not. This was consistent across all income levels. Separate research going back to 2015 confirmed that Canadians working with a financial planning professional have shown stronger outcomes across many economic categories, including wealth accumulation, savings, debt management, retirement preparedness, insurance coverage and education savings.
As part of our work, we undertook research to estimate potential program costs, uptake by Canadians and cost offsets for government. Based on research conducted using various program parameters, our modelling suggests that anywhere from 800,000 to 1.6 million eligible Canadians could benefit from the program to start. Estimated costs of approximately $2.1 billion could generate between $23.9 billion and $47.8 billion of net-worth growth over 10 years for program participants. Economic modelling also suggests that a substantial portion of program costs could be offset through increased consumer spending, GDP growth and tax revenues associated with stronger financial resilience.
Finally, we conducted research to indicate consumer support. I would like to note that this research was only completed within the past two months. It indicates that approximately 67% of Canadians support a federal grant to help Canadians access professional financial planning and develop their first financial plan. Support rises to 75% among Canadians aged 18 to 34, which represents an opportunity to make generational change for younger Canadians.