Rethinking, oh yes. Which is code for gutting our forces and sending our soldiers into war zones unequipped, but then the Liberal party of Canada has a long proud history of doing that.
No - rethinking would be establishing a made in Canada foreign policy instead of automatically accompanying the US into the various messes it creates. In the past Canada did just that, by staying out of Vietnam, refusing to aid in the various actions of terror perpetrated by the US in Latin America and elsewhere, and by actually criticizing various acts of American lunacy.
Let's face it - the military Canada created during the Cold War is no longer necessary. Thus we do not need super-high tech jets that are best suited for fighting the Russians. Nor do we need warships designed to seek and destroy Russian submarines. What Canada needs is a mobile reaction force intended to deal with terrorist groups, a properly equipped coast guard, and various rescue and surveillance equipment. Consideration should also be given to taking a good hard look at the way military tech is developing. It is entirely possible that much of the equipment Canada has purchased and is considering purchasing is already obsolete.