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The visa entitles me to work for just one year, and in order to get PR status I should find a job that's "LMO-able" and after having worked at said job for 1 year I can apply for PR status. That's how I understood it, that's how one of my friends got his PR status.

I'm not sure the WH visa can be extended.
You are right. AFTER you have worked on your visa Working Holiday Visas without LMO (you do not need it on such visa and nobody will apply for LMO for you on such a visa and nobody issues it for you) ,you have to get a job with LMO to work another year and then apply for PR (PNP could be the shortest way because, usually you can apply as soon as you secure a job offer for permanent full time job with LMO and in some provinces from NOC 0-A-B, im some- they do not care about NOC)
 
Regina said:
You are right. AFTER you have worked on your visa Working Holiday Visas without LMO (you do not need it on such visa and nobody will apply for LMO for you on such a visa and nobody issues it for you) ,you have to get a job with LMO to work another year and then apply for PR (PNP could be the shortest way because, usually you can apply as soon as you secure a job offer for permanent full time job with LMO and in some provinces from NOC 0-A-B, im some- they do not care about NOC)

A couple of years ago they changed the rules and after one year WH you could apply for another WH. Max two years total.
http://www.international.gc.ca/experience/intro_incoming-intro_entrant.aspx?lang=eng

http://www.international.gc.ca/experience/qualify_again-qualifie_de_nouveau.aspx?lang=eng
 
Regina said:
You are right. AFTER you have worked on your visa Working Holiday Visas without LMO (you do not need it on such visa and nobody will apply for LMO for you on such a visa and nobody issues it for you) ,you have to get a job with LMO to work another year and then apply for PR (PNP could be the shortest way because, usually you can apply as soon as you secure a job offer for permanent full time job with LMO and in some provinces from NOC 0-A-B, im some- they do not care about NOC)

This is what I was talking about. This is how my friend did it. Through Alberta's PNP.

While we're on the subject, must I work the entire year for the same employer or even on the same job for the "year" to be counted towards my PR application? Or can I change jobs? Of course, the more breaks between jobs I have will mean more time to accumulate the 1 year of work experience...
 
Are you talking about after "Working Holiday " work permit?

You can change your employers but you have to get a new LMO every time.

Concerning " a year of work" to apply for PR- it depends on a province and available streams there. Some requirs 6 months of work, some a year, some just a job offer for a permanent fulll time job for NOC 0-A-B, some does not care about NOC.
Make a research for each province programs: http://www.cic.gc.ca/english/immigrate/provincial/apply-how.asp