It wouldn't be symbolic. When one state recognizes another, a corollary of that is this: They recognize their right to political independence and territorial integrity.
That would require a change in the policy Canada has vis-à-vis the occupying power. Israel's physical presence in every inch of occupied Palestine is unlawful. When Canada recognizes the state of Palestine, the position of Canada must necessarily be that Israel must withdraw from the occupied state of Palestine, as per international law—the sole criterion all states agree they should abide by.