As long as your flight arrives on time, it'll be a breeze ... even if it takes 40+ minutes after the plane reaches the gate for your bag to hit the baggage claim belt.

90 minutes - 120 minutes of connection time may sometimes be too close if with checked luggage -- however even that almost always worked for me on Europe-YYZ-US trips where I'm on two itineraries). 3.5 hours of connection time is almost always more than plenty of time.