Some study programs include mandatory work experience as part of their curriculum. 

Therefore, if your program of study includes co-op (mandatory/mandatory), then you need to apply to your co-op along with your study permit application (many schools issue a letter supporting the issuance of a co-op permit to submit with your application). You must then apply to the CBSA officer when you enter Canada for your co-op permit, which is different from your study permit and which must be issued upon entry into Canada. 

Remember that the co-op work permit is not the same as the authorization to work 20 hours off campus as the study permit. The co-op work permit is a separate work permit, it is not related to the authorization to work part-time in Canada.

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The co-op is a professional internship (work experience while you are still a student), it does not affect your residency nor does it count towards your residency (with very specific exceptions in Quebec). Your benefit is that you gain work experience in the professional area of study, which will benefit you in the future when you graduate to find your first job.

Yes, the service is renewable on a month-to-month basis, so you can cancel it at any time.

No, before you apply for a closed (employer-specific) work permit, your employer must give you:

-A copy of your employment contract or job offer
-1 of the following:
*A copy of a labor market impact assessment (LMIA)
*An offer of employment number (for LMIA-exempt workers)

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