"It's the time to ..." is an expression for an event that happens once.
for example:
It's the time to retire.
It's the time to move to a new city.
It's the time to get rid of this government.
The opposite expression is: It's time to ...
This is for something that happens often.
For example:
It's time to eat.
It's time for breakfast.
It's time to get an umbrella.