If your application is refused while you are on implied status, you will immediately and effectively be out of status in Canada. Therefore, given that you have no legal standing to remain in Canada, you may have to depart Canada as soon as possible.
However, depending on the circumstances, and how long you have been under implied status, you may be able to apply for restoration of status. More specifically, foreign nationals can generally apply to restore their status within 90 days of the expiry of their previous permit.
If you are under implied status and/or your application has been rejected, and you want to secure your rights, please contact Toronto employment and immigration lawyers, Sultan Lawyers, at (416) 214-5111 or via email to firstname.lastname@example.org.