Oh, you said holiday visa and I read working holiday visa out of it
In that case, you must be careful to extend your visit visa before it expires, listing waiting for sponsorship as the reason you want to stay. I have not heard about a lot of people who have been denied re-entry but it is possible that you get called for an interview exactly at the time you have applied to extend your visit visa and so you have implied status and actually look like you are overstaying if they don't know that you applied to extend. That could get iffy.
I had a coworker who was on a work visa that had expired, he had applied to renew and was waiting under implied status, working. Then the boss sent him on a work trip to the US. He definitely had some trouble getting back into Canada again but he managed to convince them. Anyway, there is no certainty that you will even get called for an interview.