So @Sravi do I need to inform IRCC about the new passport. I have same case my son's passport is expiring in Sept 2020 and we plan to land there in April 2020. Thought to get the passport renewed here in India. But I got a reply from Canadian embassy to get the CoPR stamped on the new passport.There is no problem if you renew your passport. However, to enter Canada you need a visa, which is on your old passport.
So you have to use the old passport for travelling. (No use of new passport even if you have it).
The only advantage of new passport is that, you don't have to apply for a new one immediately after reaching Canada. However it has no role to play in you immigrating (travelling) to Canada.
Even after reaching Canada, you will need to use your old passport for many other things (like opening bank account, obtaining social insurance number etc etc). so even if your passport is less than 6 months valid, it still is a very important requirement for a host of things and cannot be substituted by new passport.
Now I'm more confused. Looking for suggestions.