Implied status = A temporary resident must apply to extend their period of authorized stay before it ends. If they have done so, their period of authorized stay as a temporary resident is extended by law until a decision is made [R183(5)]. Such a person is considered to have implied status as a temporary resident during that period.
This is what CIC say
And BOWP, you can apply within 4 months before your work permit expire and lets say if you apply your BOWP rite now you wont b under implied status because implied status is stage with you have no permit and you are waiting for your permit which you already applied before expiring your last permit.
But in your case, your work permit is going to expire in feb 2015 and lets say you apply your bowp in NOV and will approved in NOV (if you go through online application) then you will loose your 3 months on your current work permit because you will only get one year bowp from the date it was approved which means NOV 2014 to NOV 2015 so best idea for you is to apply in jan so you could get BOWP from jan 2015 to jan 2016
Good luck,
Thanks