The UK breaks up into separate teams for soccer normally (England, Scotland, Wales,)
I could see an argument (if not agree with it) for breaking Canada up similarly (especially with Quebec)
But a straight Canadian 1st team and 2nd team...
No.
England, Scotland, Wales and Northern Ireland are typically refered to as countries within a country. When FIFA was formed, the four countries had already been competing against eachother for a couple of decades, and so they got to keep it that way.
I'd personally like to see them compete as the UK in football like they do in other sports, but seeing how Northern Ireland (on the men's side) have failed to qualify for the World Cup since 44 years, and Wales since 64 years, I'm not losing any sleep over it.
Scotland last made it to the World Cup 24 years ago, but did not get past the group stage. Scotland might also become an independent country in the near future.
England is the only UK country likely to qualify for the World Cup at any given time, let alone making any kind of noise there. In the last 24 years, they have been the only UK country represented, and if anything they are weakend by not competing as the entirety of the UK.
Canada having a second team at the ice hockey world cup, which is a much smaller sport than football with only a handful of nations having a legit chance of winning, gives them an unfair advantage.