If you are in one of the honours programs and thinking about attending graduate school you will want to begin the application process during the fall term. You will need letters of reference. Make sure to give your referees enough notice to prepare your letter before your application deadline.
If you are in the honours program and not thinking about graduate school you still may want to approach professors about potential reference letters for future employers. You will also want to begin your job searching early, as mentioned above, because it can take longer than you might expect