Scientific research organizations operating at arms length of the federal government funded directly by the central bank would allow for a steady source of funding.
A new separate organization for applied research also funded by the Bank of Canada could operate the same way.
If Canadian industry needed a problem solved, they could work with this new applied research organization without affecting the funding of pure research organizations.
Unlike the Federal Reserve in the U.S., the Bank of Canada is a public bank and could fund scientific research independent of Parliament.
If a particular Parliament was so inclined, they could provide additional funding.
Research is a critical component of the economy so it makes sense for the Bank of Canada to fund it if a particular Parliament doesn't meet its obligations.
In the U.S., the Federal Reserve would require a change to their charter by Congress to be able to do the same thing.
Taking the politics out of science would insulate Canadian scientific research from such funding manipulation in the future by eliminating a particular Parliament's ability to starve Canadian scientists of funding.
In addition to the recent example in Canada, defunding science has also been a problem in the U.S..
A steady source of funding for scientific research which can take decades to produce results would make it easier for Canada to attract and retain researchers.