No.
http://www.cic.gc.ca/english/study/institutions/guide-dir.asp#part1_9
Note: Final session (term, semester, etc.): If students meet all the eligibility requirements, with the exception of full-time status, but are in their last session, they will still be considered to be eligible for the program. For example, at an institution, students are required to be enrolled in at least four classes to be considered to have full-time status. A student in the last session of the program of study needs to take only two additional classes to receive a Canadian credential from that institution. That student will still be eligible for the work permit under the OCWP. They will, however, still be restricted to working a maximum of 20 hours per week during this period.
