Is it mandatory to renew your passport which has a validity of 3?
No. You can always apply for extension of your study permit once you are inside Canada and enrol in a continuous full time study. The student visa is a permit that allow student to proceed and report at a Canadian port of entry either by land, air or sea. The study permit is an authorization that allow international students or temporary residents to further their education in Canada. Again, you can always renew your student visa and extend your study permit in-Canada once you meet the requirements and eligible.