Indeed: Cost of the NSERC science grant peer review system exceeds the cost of giving every qualified researcher a baseline grant.

NSERC (Natural Sciences and Engineering Research Council of Canada) offers Discovery Grants averaging Can$30,000 to about 70% of its applicants. If the total budget for these grants were evenly divided amongst the 10,000 people qualified to apply, the average grant size would be Can$41,000. The additional costs of writing and reviewing grant applications in our previous analysis only serve to accentuate the loss of funds that could otherwise be spent on the research itself. Baseline grants for the early stages of research, to all qualified researchers, would significantly enhance innovation of Canadian scientists.