Once you are a PR - you are a PR for life. Entry permits however, are a different ball game. The option to renounce it is yours. It will be renounced by a court only if there was a criminal action taken against you.
I am an ex PR who [in my opinion] made the mistake of renouncing my PR. Thus I had to and could reapply under the EE profile. That took a long painful path and I'm still waiting for news on this. I had a period of 6 months in processing where my eligibility was checked if the PRD decision was clear. Not to dishearten you, but couple of options:
I would suggest that you look into the PRTD process along with a strong supporting letter of explanation as to why you were not able to make the eligibility and also what is your commit to stay, if allowed to renew:
https://www.canada.ca/en/immigration-refugees-citizenship/services/application/application-forms-guides/application-permanent-resident-travel-document.html
And also consult with an immigration lawyer before taking a decision to renounce.
If the above is not an option, you can renounce the PR and then reapply with spouse and family. Try to improve the IELTS scores or get the ECA's done to help improve your scores. If the approval comes through it will be for PA + dependents so that you won't have to run through an additional sponsorship process as an individual applicant.
Else, it becomes a multi part journey where you have to settle in Canada, find a job and apply again for family sponsorship - that is entirely up to you.