It means that if you want to take further education in Canada, it has to make sense in light of your previous education and your work experience. So one of the most logical options for you would be to take a PhD in Canada - or possibly a second Master's as long as it's in a field of study that is complimentary to your work experience and not a duplicate of the Master's degree you already have.
There is no Master diploma. Given you have a MBA, it will be more difficult for you to get an approved study permit So you need to explain why you need to study in Canada and how it will help your career in your home country.
Student visa would be changed to PR, check designated university/college, check PGWP, moreover, an open work permit can be granted for your spouse.
If you insist on Canada, Yes I agree with your opinion, apply for a PhD.
It takes more time but considered a safe and easy way to enter and reside there.