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Are you actually acting as a manager during those overtime hours?
Is this a federally regulated company?
The Canada Labour Code does not apply but the Employment Standard Act does.
And the law is that you can be compelled to work overtime but you must be paid overtime pay and what your employer is doing is unlawful as they are saying you are a manager when you are not because managers do not get paid overtime.
You can complain to the Employment Standards Branch about this as it is simply unacceptable. The contract is still enforceable aside from this.
But you can back out if the contract allows this as you've pointed out.