The short answer is yes. I have no doubt about that for the following reason.
The Canadian government claims that it supports the two-state solution. One of those states is recognized by Canada and has long been, since 1949. We actually had a role to play in the partition of Palestine. You all know the role of Justice Ivan Rand, who served on UNSCOP.
At the same time, one other party that is under foreign military occupation, now going on 56 years, is a state juridically at international law, recognized by 139 member states of the United Nations. Canada is an outlier. There is no rhyme or reason that it wouldn't extend recognition to the territory of Palestine, being an occupied territory, for the following reason: Israel, as an occupying power, is not sovereign and cannot be sovereign in that territory. Whyever would we not extend recognition to it in the hope that we could engage two states, with responsibilities and obligations on both states under international law, and push them towards peace?