I don't think we need to. I think with Stephen Harper and his fetish for completely balanced budgets gone, and if Telford/Butts disappear with their eco-activist agenda, both parties could be convinced to take that path. It would take a gentlemens/ladies agreement (if one could exist with politicians) that deficits as a direct result of military spending are off-limits for political hay.
PSPC rules for capital procurement (over $1B CAD) would need to be completely overhauled, removing provisions requiring 100% economic benefit to Canada. Timelines set for major equipment replacement tied to capabilities, not specific vehicles: Light trucks/ships/fighters replaced every X years. This would allow some sort of Canadian military manufacturing capacity, as US companies could place subsidiaries in Canada knowing that every X years they can could on a competition on a standard basis, and focus their R&D to win those contracts by showing both Canadian content, and adherence to SOR (not the "pick one" ideals that gives us crappy kit now). There'd also have to be steady funding to slowly purchase that equipment over its life expectancy, 1-2 fighters a year for example, until 5-7 years prior to IOC on that timeline, so any catastrophic equipment failures are replaced from stock, not reducing capabilities.
Its a pipe dream, but wholly possible, and wouldn't take a huge chunk out of the entitlement budget for things like income splitting or child benefits. I don't think the Liberals and Tories are far apart on the issue, but grandstanding and partisan bickering gets in the way of an actual consensus.