Permanent resident status allows you live, work or study in Canada without any restrictions. Since you lived in the US, you may know that US permanent resident status (typically known as Green Card) allows you to do the same in the US. So once you get your PR, you will have the equivalent of a green card in Canada.
The Visa in your passport will of the type IM1, but you don't need to use this IM1 term. All you need to know and tell people is that you are a PR in Canada. After landing in Canada for the first time after receiving COPR, you will soon also receive a card (PR card), just like the US green card. The Visa in your passport will be irrelevant after that.
