Regarding transfer from H1B to F1 Visa

Hi All,

I have an issue with my present employer and they have given me a timeline of around 40 days before lay off (i.e. Oct 15,2016).

I have my F1 OPT active till Jan 2017( after that I can apply for 2 years extension too) and my H1B will kick off from Oct 1, 2016.

I wanted to know if there is a way to reinstate my F1 OPT status by travelling abroad (say Canada) and while coming back use by F1 Visa to check in during Immigration. Will this void my H1B and bring me back to F1 status ? Or is there any other way around this to get it done. ?