Hi there!
As far as I know, you do get implied status, I was in thee same exact situation, I was working and explained the situation to my employer, they were nice enought to seat with me and together did a condference call to CIC, they did explained to them that as long as I have send my OWP application I will get implied status and continue working normally. They actually told me that I will have to keep on working on the same company because if I change employers, by law they will need a copy of my valid work permit and a valid SIN to register me as a new employee.
I come also from a visa exempt country and my working visa was as well part of my studies and I never got a problem by working while on implied status. I sent the application for OWP along with all my docs for the sponsorship and it was approved right after my AIP ,I did sent everything waaaaay before my actual visa expired and got the OWP just a few weeks after it expired so I didnt really have any issue since I work under implied status only 2 or 3 weeks.
Hope it helps!!