I think it would be better to have some sort of associate agreement.
We already have a trade agreement, and Canada has joined the EU SAFE program, which is great.
Increased cooperation is nice, but I’m not so sure Canada would want to be a member of EU. After being bullied by USA, they might be hesitant to yield any sovereignty to anyone, despite the gains may be higher than the loss.

Canada and EU will almost for sure increase cooperation, because our values are very similar. Unfortunately USA has chosen a different path, and that will probably cause cooperation between USA and Canada to decline.