Permanent residency (PR) can be obtained in a variety of different ways. The route you take will depend on the province you want to settle in and your background (your level of higher education/degree, what languages you can speak proficiently, whether you have a close relative who already lives in Canada, etc.).
Some of the most common options include Express Entry, the Provincial Nominee Program (PNP) or the Quebec Skilled Worker Program (specific for people wanting to settle in Quebec).
Being granted PR allows you many of the same benefits as a Canadian citizen, and means you can live in Canada permanently. Unlike with citizenship, however, you must maintain your status by meeting certain conditions, e.g. living in Canada for at least two years out of a five-year period (source). Your PR card in Canada is valid for five years.
For more information on the different options for PR in Canada, read Immigrate to Canada.
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