Hi ktrianta,
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.