Hi VR8,
The one year or less time is not to settle its the duration during which you need to land.. After landing you will get actual PR Card.. Similar to Credit Card 8) As per CIC website you can get PR Card in 3 to 4 weeks after landing.. You do not have to apply separately for PR Card.... Though you will have to apply for SIN similar to SSN in USA or can say Adhar card of India which will be unique number for you in Canada for your whole lifetime.. To settle down there is no limit of duration.. That's why they ask for proof of fund.. And the PR Card is valid for 5 years generally and if you will live 3 years (1095 Days) in past 4 years then you can apply for citizenship.. So, if your MR is done on say Yesterday (1st Dec 2014) then you can land on 30th November 2015.. Offcourse no one will wait for the last day but I have just explained to clear the confusion that its about landing not settling..