Do I have to update my Plan of Study every term?

Generally, yes. 

Even if your plan may be identical to the plan you submitted in the previous term, you should still generate a new plan. This makes sure you are actively keeping track of your progress.

Your Plan of Study may also be examined by the Honors and Awards Committee when deliberating on your application for graduation.

See also:

• Do I need to have my Plan of Study (POS) approved every term?
• Do I need the permission of the Program Chair before I register for courses?