Yes, that is all you need to do. I'm assuming you are currently in Canada? If you happen to live near an Australian Embassy, you can come to their office and request to have the visa label. You just need the PR grant letter and passport. Or check out Australian Embassy website near your area for detailed information. Otherwise, you will just need to wait until you come to Australia to get the visa label. You can enter Australia with your Canadian passport since you should be already in the DIAC system. Just bring your PR grant letter just in case there might be issues in the computer.
Did you already enter Australia when you were granted visa 175? Just asking because if you were granted this visa while in Australia, the only way to validate it is to leave Australia to like New Zealand and enter back to Australia. It's probably a hassle. But visa 175 is for applicants outside of Australia. However, I've read on this forum you can apply onshore or offshore. You just need to re-enter Australia if you happen to be in the country when you are granted the visa.
For some reason, I thought it was your first visa label. I also had to get a 2nd visa label since I had to get a new passport. You just need to bring your old passport with the original visa label. They need to stamp something on that that older visa label making it invalid.