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"Additional operational measures to support transitional regulations will be announced closer to June 1, 2014, when the new rules take effect"
you are right. Your SIN expires the same date your study permit expires. and it is illegal to hire someone with an expired SIN. However, usually CIC will authorize a longer study permit to give you enough time to apply for work permit. for example, if you would graduate in June, your study permit would expire in the end of August/September.