The PB14 was catalogued in the USA in 1983. Hopefully, it is one of the Canadian manufactured frames, as they typically came though with better workmanship. The serial number will tell us for sure.

I suggest you ride it as is for awhile before you start upgrading. This will give you a chance to get an appreciation for what you like and don't like about the bicycle, which will allow you to put the money where you'll get the most benefit.