Over a 3-week period, from 12 p.m. EDT on October 13, 2020, to 12 p.m. EST on November 3, 2020, Canadians and permanent residents who wish to sponsor their parents and grandparents to come to Canada will have an opportunity to submit an interest to sponsor form online. Immigration, Refugees and Citizenship Canada (IRCC) will randomly select potential sponsors and send them an invitation to submit an application. Selected applicants will have 60 days to submit their application.
Details on for instance minimum income requirements are yet to be announced.
More information on the IRCC website here.