Good. You have saved time. You have declared it a bad deal before seeing it. Makes sense. Avoids any pesky requirement to judge the thing on its actual merits.. Way better to go just with feels, and not let facts get in the way.
Either such a deal is going to require some non-zero amount of "you have to follow EU regulations in respect of..." or it's not. If it's not - if it's just some agreement to increase the percentage of stuff covered by CETA - then fine. No kind of special membership is needed for that, though. No kind of special membership is actually needed for any agreements (treaties) to improve trade flows - all the details can be in the treaties.
With regard to security rather than trade, we already have NATO, which could be adapted in whatever respects necessary if the US decided to make a full exit.
With regard to fiscal management, Canada should want no part of - not any fraction of - the arrangements that allow fiscally incontinent countries to indulge themselves at the expense of other countries.
With regard to diplomacy and foreign policy, it would be practically pointless and probably retrograde to tie ourselves into European interests at the same time as we are insisting on being masters of our own interests against Trump's belligerency.
I find it approximately impossible to imagine any kind of deal with the EU that has a non-zero amount of that, and I don't want any of it. From my position, it's easy to prejudge.
Here we are, trying to deal with a trading partner who has suddenly - and most likely only temporarily - become a pain in the ass, and people figure part of the solution might be to get stuck in deeper with other trading partners.