Right, at long as you live in Canada for at least 730 days every 5 years and don't commit any crimes, your PR status is valid forever although the PR card proving your PR status is only valid for 5 years. The PR card is easy to renew as long as the residency requirements are met. As a PR, you have almost all the same rights as a Canadian. You can not vote and there are certain government jobs that are off limits to you.