The 2016 application package to sponsor parents and grandparents is now available online from the Immigration, Refugees and Citizenship Canada (IRCC) website. Applications for this program will be accepted as of 8am on January 4, 2016. There is a limit (cap) to the number of people who can be accepted in 2016 under this program.
To find out more, read the Settlement.Org article How do I sponsor parents, grandparents, adopted children and other relatives? If you are not eligible to sponsor your parents or grandparents, you may want to consider the Parent and Grandparent Super Visa.