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For some academic programs, work experience is part of the curriculum. Foreign students who wish to participate in a co-op or internship program must apply for a work permit as well as a study permit.

Determine your eligibility
To be eligible for a work permit, you must meet the following requirements:

  • You must have a valid study permit.
  • Your intended employment must be an essential part of your program of study in Canada.
  • Your employment must be part of your academic, vocational or professional training program offered by a designated learning institution, certified by a letter from a responsible academic official of the institution.
  • Your co-op or internship employment cannot form more than 50% (percent) of the total program of study.
  • You will not be eligible to work during your studies if:

  • you study English or French as a second language (ESL/FSL), or
  • you participate in general interest or preparatory courses.


Source : CIC - Work as a co–op student or intern
 
XpressEnterprise said:
For some academic programs, work experience is part of the curriculum. Foreign students who wish to participate in a co-op or internship program must apply for a work permit as well as a study permit.

Determine your eligibility
To be eligible for a work permit, you must meet the following requirements:

  • You must have a valid study permit.
  • Your intended employment must be an essential part of your program of study in Canada.
  • Your employment must be part of your academic, vocational or professional training program offered by a designated learning institution, certified by a letter from a responsible academic official of the institution.
  • Your co-op or internship employment cannot form more than 50% (percent) of the total program of study.
  • You will not be eligible to work during your studies if:

  • you study English or French as a second language (ESL/FSL), or
  • you participate in general interest or preparatory courses.


Source : CIC - Work as a co–op student or intern

OP is an exchange student. If he/she wants to do an internship, the employer will need to obtain an approved LMIA and the OP will need to obtain a closed work permit.
 
scylla said:
OP is an exchange student. If he/she wants to do an internship, the employer will need to obtain an approved LMIA and the OP will need to obtain a closed work permit.

scylla is right! As an exchange student, OP cannot use Off-campus work permit even if he/she has one (as of June 1, 2014, OCWP program is terminated).

To secure a closed work permit, one first need to get their LMIA approved.

I would suggest that OP should go to their University's International Student's Liaison Team in order in order to get a much accurate and valid reply. (or visit York University or UWO's links and many more)