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PR do not expire if you live in Canada. They do if you live outside the country for more than 5 years
There is an expiration date on the PR, and even if you live here they expire and you are required to renew them unless you have qualified for citizenship and can then get a passport. If you travel out of the country with an expired PR, you may have issues coming back in.
Of course! PR expiration like passport does not put you out of status so long as all the residency requirements are met e.g. you have fulfilled the number of days you are expected to be here within the 5 years of your PR validity.
It is part of the form you fill for the renewal of the PR.