Nobody knows. What's missing from that is that the PM alone can't submit a law for signing. There's no equivalent of the 'executive order'. So the whole governing party and senate would also have to 'go bonkers'.
Actually we have something similar... an Order in Council.
Its kind of like an 'executive order' in the fact that it doesn't have to go through parliament for approval. It doesn't have the same legislative force that a Bill would have, and it can't be used for all things.
http://canadaonline.about.com/cs/cabinet/g/orderincouncil.htm
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