Does Canada Have a Hidden 'Wealthfare' System?: The Policy History and Household Use of Tax-Preferred Savings Instruments in Canada

Canada has account-based, tax-preferred savings instruments that are delivered through the financial services sector and that receive generous support through federal income tax incentives and direct transfers. In this thesis, I ask whether there is adequate evidence to treat this set of tax-preferred savings instruments as a hidden welfare system, and, whether the system is progressive or regressive in distributing public support for individual or household saving and accumulation of assets. The thesis presents three different studies of the set of tax-preferred instruments: a history of each instrument, an analysis of household data on ownership and allocations, an exploratory qualitative study that explores consumer perceptions, understanding and use of these savings instruments.