3 masters degrees is a lot and studying for another masters does not show career progression. Ask her to consider going for a PhD, apply for PGWP and use the CEC EE stream to immigrate permanently.
MBA is a better option considering your Bachelor's is in business as well. VOs tend to refuse SPs to students who further their studies in a different major than their previous major -- eliminating one possibility of refusal.
Not that this is relevant to what you're asking -- but can you inform me how much proof of funds you showed when extending your SP ? I'm asking this very much in advanced considering that my SP will expire before my studies finish due to passport expiry.
Your TRV's start date/issue date is when the visa is printed. As soon as you receive your passport back, you're able to depart to Canada assuming the PoE letter is sent already.
IELTS is a must if you apply under SDS -- but it's not a must if you apply under non SDS. I have known plenty of people who didn't take IELTS because they took IGCSE/A Levels English which was enough to waive it. They're all currently studying in Canada.