Transition from Work Permit & LMO towards IEC Young Professionals

Hi everyone,
I am wondering if someone could help me with my visa questions.
Background
I am a German citizen and I arrived in Toronto, Canada, in October 2010 with a Working holiday Visa. I found a job and worked 1 year with this company. The company decided to keep me and went through the LMO and Work permit process. I received my work visa in December valid for 3 years (but linked to this specific company).
Now, I am not happy in this company and would like to work for another company. I did some interviews and I have a 1 year job offer with another company and therefore need to use the IEC Category "Young Professional" visa for 1 year. However my current work permit linked to my existing company is for 3 years.

Here is my question: My dilemma is for the transition between my current permit and the new IEC 'Young Professionals'. Indeed I was hoping to apply for the new visa while continuing to work with my current employer (under the current 3 year visa), and then ONCE GRANTED, cancel my current visa and immediately switch jobs. However I read that I will have to FIRST cancel my current visa and then wait for the new one which means that during the 8 weeks process I won't be able to work in either jobs.

Anyone faced a similar situation? Please share your experience, it would be much appreciated. Thank you.