Hello, I am currently in Canada as a visitor. I have recently gotten accepted into the University of Waterloo for a master's program. Now I want to apply for a study permit while being inside Canada. I want to know If that's possible. I checked IRCC website but none of the conditions applied to me. They told me to apply as though I am outside Canada. But I just want to know if its risky if I apply while I am I am already in Canada?
It can sometimes lower your chances of being approved if you are already inside of Canada since it's then generally more difficult to show ties to your home country. Hard to comment without knowing your full profile. Although it probably helps that you are applying for a master's.
Having said that, people are certainly successful. As your research has correctly told you, you cannot submit an inside of Canada application. You must apply as though you are outside of Canada.
Keep in mind that submitting the study permit application does not give you implied status in Canada. You will need to separately apply to extend your visitor status if you plan to stay beyond your allowed visit while waiting for the study permit to be approved.