I don't know how Air Canada does it, but at my airline we set the FPA .4 before the FAF. At the FAF we pull the knob and we start down at that preset angle.
If you are late, as you said, you can adjust the FPA to recover to the "doughnut" which is the vertical guidance path indicator. Withing a few hundred feet you should be stabilized at the correct FPA.
There is an article in the FAA IFR magazine from last year that talks about the lack of terrain clearance guarantee on a non precision approach after the MDA down to touchdown. I will try to post it here when I get back off this trip and I can get on my computer. My iPad skills do not allow me to copy and past a long article.
The Birmingham Alabama UPS crash is a result of a flight crew assuming they had adequate terrain clearance after acquiring the runway at the MDA. Unfortunately, at night they didn't have sight of obstacles in that final approach path and they continued on their descent path into terrain.
As I said above, I will be very interested in the final outcome of this incident. We may all learn a valuable lesson from the cause of this accident. Thankfully the only lasting damage was to the jet.