Mine took over two months to process after application, a few months ago, but now they are advertising thirty days, so... food for thought. Also, as mentioned above it “technically” is still a tourist visa even though it is called a PE privileged entry visa. This has some downsides, like some provinces won’t let you get 5 year licenses, but also some upsides like the tax refund on purchases if you leave again in 60 days.
Jeremy Ashton Your school will give you a letter that you can take to immigration and then immigration will stamp a cancellation into your passport and then you can stay through the date of that original visa
You don’t have to leave the country unless you don’t have enough time left on your current visa for the processing of the elite Visa. You will however have to cancel your ED Visa.