The RCAF currently operates 32 C-130's both the E and H models. They H model is also used in a Tanker configuration. I agree that the force needs to think about retiring its E models which date all the way back to 1962, however, as mentioned above the C-17 is not really meant as a replacement for the C-130. I agree with LY744 that the best replacement would be the new model C-130J's which would offer seriously improved performance. At this time I am not aware of any DND plans to acquire either C-130J's or C-17's. DND is said to currently be examining various options to address the Air Force's strategic airlift requirement, they will be looking at the C-17, Airbus A400M and the Antonov An-70. Another option they are considering would involve a contracted airlift arrangement for the AN-124.
You can view this RCAF news article for more information http://www.airforce.dnd.ca/airforce/eng/news/2001/02/23.htm
And about the EH-101 Cormorant/Merlin Helicopter acquisition. The 15 for SAR duty is going ahead as far as I know. Although news has been quite few and far between. The Operational Training Flight school at CFB Comox has converted from Labrador to Cormorant training at last word.
There have been no orders for ASW EH-101's as a replacement the Sea King at this time. Currently another upgrade/life extension is being proposed for the troubled 29 (remaining) bird Sea King fleet. The EH-101 ASW would make an excellent replacement but it seems we can only dream about that for now.