Canon News has uncovered a patent that shows IBIS being developed for the EOS M system, as well as for PowerShots. This patent showcases IBIS and lens stabilization working in harmony on Canon's smaller cameras.
Canon News explains:
What this patent actually is, is that with smaller cameras, the actual stabilization will cause vibration because the sensor and optical elements are moving, and that will then result in more shake, which then gets compensated, and basically you have a runaway system with the smaller and lighter cameras because of the sensor and optical element mass. So what Canon is doing is finding a way to reduce the vibration caused by the IS units.
The images in the patent seem to show what looks to be an EOS M style body, this may be just for illustration purposes as we have been told by folks at Canon themselves that a follow-up to the EOS M5 was not coming. Things do change though!
Check out a further breakdown of this patent at Canon News.