Hey
@HomeBaked
I held an IEC from 2016 to 2018. Unfortunately, you are correct in that IEC doesn't benefit from implied status. As soon as your IEC expires you must stop working. Any work done after that date will be illegal.
In regards to the visitor visa extension, I'm from a visa-exempt country (UK) and arrived in Canada in March. My status expired on September 17th. I applied for an extension on September 9th. As Rachell said, it's a straight forward online process and costs $100. I would wholeheartedly recommend applying for a visitor visa extension as it's basically your safety net that grants you the status you need in order to be eligible for the OWP.
I haven't heard anything back from my extension application yet so it seems to be taking longer than initially posted (I think it's currently sitting at 100 days). There's another person from the August group who applied back in July who hasn't heard a thing yet either but it's better to have it in place than not at all in my opinion.
Some tips I can pass on from my own application:
1) You'll be asked to provide proof of funds for the period you asked for (I asked for 6 months, others ask for 12, it's entirely up to you). For my proof of funds, I had my husband write a letter stating he will support me financially and also provided a letter from his employer (the same one from our PR package) stating his hours and rate of pay to back this up
2) A lot of people seem to stumble on the 'reason for visit' question. Myself and a few others I spoke to just put 'visiting family' for this question. As part of the application process you'll see an 'optional documents' section. I wrote a letter briefly explaining my relationship with my husband (met while I was in Canada on IEC etc) and stating that we currently have a PR application in process. At that point I hadn't yet received AOR so I just attached copies of my fee receipts for PR and OWP as proof.
3) You'll see that some forms will require additional files. The online application only lets you upload one file per section. I had two documents for proof of funds (husband's letter and employer's letter), three for optional (my letter and two fee receipts) and also needed an additional page on my IMM form for employment history. You'll need to convert everything into PDF format and then merge them so they can be uploaded as one file per section. Sorry if you find this part condescending! I've seen a lot of people face this issue!
If you have any more questions about the process, I'd be happy to help