I'm due to renew my PR card in July 2018 but I'm considering just rushing to complete my citizenship app. I just requested my entry/exit records via the FOIA and I know I'm eligible to apply.
Any idea on how long the processing for these things take? How much prep do I need to do for the citizenship test?
You don't have to renew your PR card if you don't need to leave the country.
And the 12 months is just indicative, most applicants get their citizenship way faster than that. Not fast enough to get it in July obviously, but there's a high chance to become Canadian in 2018
Is there a restriction on applying for both? Why not both? PR allows you to travel after July if you need to and your citizenship application starts it's clock.
First apply for PR renewal .. after few days apply for citizenship...CIC might exepedite your case for citizenship. If not, atleast they will renew the PR. Let them decide and you will be fine in both scenarios.