I believe the detail that you are referring to is a "TACBOC" issue (Toronto...Building Officials...), dwg B01. If it is a similar walkout, with a retaining wall and stairs, you will have to underpin and step down to meet the new footings. It is a structural (undermining) issue as well as thermal. If it is a walkout (lower level grade), the footings should already be deep enough, unless you are creating a new grade and 'berming' the sides. If it is the last case (bermed), it may work (insulation) but you should clarify your intent with the building department, and depending on who the plan examiner is, they may require proof the insulation will work. Also, you will likely need a drain, and how do you prevent it from freezing? Proceed with caution.