The implications are that Canada needs to treat these parties fairly, equally and equitably, as per international law. Israel has rights, including the right to territorial integrity and political independence, but Israel is not Palestine. Israel in Palestine is not Israel, and Canada needs to be very clear about that.
The recognition of the state of Palestine has no implication on Israel at all because Palestine is Palestine. If you recognize the United States, does that have an implication on Taiwan? No, because Taiwan is not the United States. It's self-evident. This stuff is so clear, and international law backs it.