Nearly 2 more years. Thank you in advance.
Two years - meaning you have only recently returned to Canada? How did you return, wiht a PRTD? With what visa code on the prtd?
You may wish to post in the residency obligation forum here. Below is as best I know, do not claim perfect knowledge. If you want professional advice, pay for it.
Short form: IMO it probably is a bad idea to do so while very much out of compliance. It could lead to getting declared inadmissible - risk may not be high but still there. Or it could simply be held by IRCC for some time with no movement, i.e. until back in compliance. There may therefore be no gain over just waiting.
As I understand the situation:
1) if you submit while you are not in compliance, IRCC can - in theory - start to evaluate your status and potentially open a report on this and begin the process of revoking your status. (Subject to appeal etc). There are different claims about how likely this is.
2) But it is clear that being out of compliance means you are - technically - 'inadmissible' and those who are inadmissible cannot sponsor.
3) However, to be outright inadmissible, they have to go through the process (see 1 above). It's not clear they always decide to do so, as it requires work and then there would be appeals, etc. In short, IRCC could decide it is not worth the effort to pursue, and instead let the PR 'decide' by either getting back in compliance by remaining in Canada (or risking it again by leaving.) Call this 'letting the file age.'
4) If they proceed as in 3 - 'letting the file age' - they may (probably will) just leave the application to sponsor the child 'on hold.' That is, basically do nothing with it until back in compliance. (Side note: process to start the processing when back in compliance is not clear; it may just sit in a pile until someone gets to it.)
5) Of course, there is the possibility they'll just go ahead and process it and not pay attention to or miss the out-of-compliance status, or decide to 'look' at compliance during processing after the sponsor is back in compliance. This might be more or even quite likely if the PR is close to being in compliance - imagine sends it to IRCC with only a few weeks remaining before being in compliance. Perhaps they are more forgiving on this with regards to minor children than eg sponsoring a spouse - don't know.
So - this is as best as I can summarize what I've heard. Cannot attest that this is fully accurate, nor that it will not change. 'Enforcement' is not always consistent at IRCC.
Final wrinkle/comment: this is assuming that the PR has not had some type of H&C adjudication already, e.g. was granted a PRTD to return to Canada wiht the appropriate code (which I forget offhand - RC-1 I think?).
Happy to hear if others have different experience or more/better/more correct detail or input.