PGP for parents and grandparents:

Canadian citizens and permanent residents can sponsor their parents and grandparents to come to Canada. And if you are eligible your parents and grandparents can be on the same status as you. After the window opens you will receive a period of one month to show your interest and if you are selected then you can proceed ahead.
Last year (IRCC) held a lottery and invited 30,000 citizens and permanent residents to submit their sponsorship applications for the PGP. This year IRCC has not yet announced anything regarding this but hopefully as last year’s window may be open in the last few months of the year.
At that time, Eligibility criteria were
⦁ Be a Canadian citizen, permanent resident of Canada

⦁ Be 18 years of age or older

⦁ The sponsor should be residing in Canada

⦁ You should provide proof of income and should exceed the minimum requirements

⦁ You must sign an undertaking to financially support the sponsored person for 20 years and you must repay any social assistance benefits paid to the sponsored family members for a period of 20 years. The undertaking period is 10 years in Quebec.

IRCC has yet to publish its Minimum Income Requirement for the year 2021 requirements for PGP 2022 applicants

Another way to sponsor your parents is:

Super Visa
This is an exciting option for Canadian citizens and permanent residents who all wants to invite their parents and grandparents to Canada, this is for you. The Super Visa is a multi-entry visitor visa that is valid for up to 10 years.
Major reforms to the Super Visa came into effect today, July 4, 2022, was an increase in the length of the stay to 5 years from 2 years.
Those who currently have a super visa have an option to request an extension of up to 2 years.
For that sponsor must meet the minimum income requirement and insurance for the applicant must be fully paid for one year.
While staying on supervising you can apply for PR/citizenship through the PGP application which is a lottery basis application for parents and grandparents. (IRCC) receives about 200,000 interest to sponsor forms a year, although there are only 35,000 applications available. In addition, IRCC has held lotteries to decide who gets to apply for the PGP, which critics say is unfair as candidates who just entered the pool may be picked over those who have been waiting much longer.
Super Visa is not lottery-based, offering greater certainty to families. Moreover, it takes less time to receive a Super Visa compared to a PGP. Super Visa processing can take months while PGP processing can take years. Finally, the Super Visa provides parents and grandparents more time in Canada and does not require renewal upon re-entry into the country until the validity period has passed.