I was in a similar situation to you, and let me give you one bit of advice. Relax! Don't overthink it.
My PGWP expired Oct 2014 and my employer was in the process of applying for the LMIA in order to renew the work permit. Like yours, the PGWP is an open work permit. Of course, once the LMIA goes through, it would restrict me to that employer. Now about my situation. Like I said WP expired in Oct. The LMIA process takes monthsss though and my passport was set to expire in Dec! Sounds like a nightmare, huh? I literally lost sleep over it because even after applying to my embassy for a new passport, I couldnt receive one till Jan/Feb 2015. I was so sure that I was going to have to pack my bags and go home. Did I mention that Ive been here for over 7 years, so Cda has become more like home? Anyways, I applied to switch from PGWP to Visitor Status. I filled out the application form online, obtained letter from the bank as proof of funds, and attached a separate letter to CIC outlining the circumstances I just did for you. Initially, I asked to extend my stay but change the conditions (from worker to visitor) until the date that my passport expired. I was skeptical because I was told that the existing passport has to be valid for 6 mths. I tried my luck, and the extension was granted. In the mean time, I worked frantically to have my passport expedited. This included pulling every possible string and contacting any possible remote connection my family had. Fortunately, I got the new passport at the start of Dec.
Upon receipt of the new passport, I applied AGAIN to extend my stay (this time as a visitor). Basically I sent the same letter I did the first time, but pointed out that I had my new passport and the LMIA processing times are quite lengthy. My application was sent in on Christmas day, and I was lucky again to receive a favourable response from CIC.
In conclusion, don't stress. I had everything against my favor, and so far, it's worked out well. I pray to God that the LMIA and WP renewal process would be just as well. As long as you can prove that you have the funds to support yourself and that you understand that you are no longer able to work, I don't see any issue. In your case, I would also include a letter from your spouse, to demonstrate strong family ties and describe if there would be any implications that would arise from you having to leave, e.g. would it affect your family/kids? If she is in a position where she can also suggest that she would financially support you, in a worse case scenario, I suggest you include this too. This of course, must be backed up via bank records.
Goodluck dude
