Your police college diploma (if from Ontario), plus any extra degrees/diplomas and police or civilian qualifications make you a prime candidate - and you will receive a nice signing bonus. The Powers That Be will assess your application, your previous service, and your police employment records to make a prior learning assessment record (PLAR). As well as there may be a substantial signing bonus, plus accelerated movement through your trade. You will still have to attend Borden, and possibly St. Jean for BMQ (but may get an exemption based up on your past service as well as your military and civilian police PLARs). You may only need to transfer off the Supplemental Reserve holding list, and then do your trade quals. Depends on how long you've been out and what qualifications you held previously with the military.
However, as is suggested, possibly check out the reserves and you can have the best of both worlds. The MP trade is a lot more involved than the civilian poliving one, however it is still an apples to oranges debate so before you make a major career move - not like you wouldn't have another poliving job when you got out, though....
Call your local CFRC and check out your options.