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Stuck in the same boat. Just as I was about to send my new LOA to IRCC through webform to update them about my deferral (Original intake was May 2020 -> Sep 20 -> Jan 21) and now deferred to May 2021, I got the passport request.
So what I understand from this thread is that the visa validity is just a validity date for me to enter Canada before it expires and doesn't have anything to do with my study permit which is a separate thing and I can show my new LOA to Immigration officer in Canada who'll then give me a study permit according to that new LOA, right? And if even that doesn't happen I could always get it extended.
 
Stuck in the same boat. Just as I was about to send my new LOA to IRCC through webform to update them about my deferral (Original intake was May 2020 -> Sep 20 -> Jan 21) and now deferred to May 2021, I got the passport request.
So what I understand from this thread is that the visa validity is just a validity date for me to enter Canada before it expires and doesn't have anything to do with my study permit which is a separate thing and I can show my new LOA to Immigration officer in Canada who'll then give me a study permit according to that new LOA, right? And if even that doesn't happen I could always get it extended.
Yes, you got it right. You just need to show your new LOA to immigration officer at Canada so He/she print your study permit accordingly. After yew months( 6-8 months) You should apply for extension.

Note :-
You have to apply for extension and make sure apply for extension before end of your current visa expire.
 
Yes, you got it right. You just need to show your new LOA to immigration officer at Canada so He/she print your study permit accordingly. After yew months( 6-8 months) You should apply for extension.

Note :-
You have to apply for extension and make sure apply for extension before end of your current visa expire.

I just had a thought though... Why would I apply for extension if the officer gives me SP on the basis of my new LOA? Suppose my program begins in Jan and ends in August. The officer will give me my SP based on this so that means my SP will be valid till August + 3 months. So why would I need an extension?
 
If permit hasnt been granted yet send the new LOA via webform if it has then try your chances at the airport and see, there is really no procedure for this you could get your old dates or new dates depending on officer.