HiHello Sanjana,
Please find my comments below.
1) You would complete your landing formalities at Toronto airport, there is a separate designated area for the new immigrants. You would be asked to show your passports, COPR (both copies) etc. in case you are travelling to any other province they might ask for your connecting flight boarding passes.
2) You just need to fill an immigration form and declare any cash over 10000 CAD.
3) You can apply for the PR card at a later stage, they will give you a form to fill and fax to them once you have identified a place stay. But do remember to get your Social Insurance Number from the airport itself from Service Canada which is located in the same area..
4) It totally depend on the rush but should keep a buffer to 1-2 hours.
How much is the maximum cash limit to carry for a family of 3 members?