My notice period is also 3 months from the time of acceptance of resignation, invariably resulting in around 3.5-4.0 months notice period. Also PF and gratuity (retirals) will take another 30-45 days time to get.
My plan is to get an offer from some other company (which I've already done) and put in papers in my current company by 31st Dec 2014 or whenever I get PER (whichever is later). This way, at least I have a backup plan in case COPR is not recd or delayed as I can join the new company if that happens - Plan B
In case there are no issues and I get COPR, then obviously, I will not join the new company and fly to Canada - Plan A
Also January 1st to March 31st will be notice period and as good as a long holiday. No tensions, no worries. Will be able to spend some quality time with family. At the same time no loss of money.