Hey there. I know 5 years seems like "a while" but in terms of the market, I'd very much view 5 years as a short-term time horizon. Over this time you're likely to realize some ebbs and flows of the market and although over longer durations of time (lets say 10+ years) the markets have, for the most part, generated strong returns, a 5 year time horizon adds a bit more complexity to it.
By "withdrawing funds from it" do you simply mean living off some of this income in retirement, or do you mean you need to sell all of the holdings and withdraw it for a purchase or something?
Either or, if you are looking for all equity, I'd definitely say the Foundational Stock list would be one you could utilize to build out the portfolio. However, with a 5 year time horizon it may not be all that bad of an idea to consider integrated fixed income into your portfolio, which would provide a little bit of a volatility buffer. Ultimately, when we look to equities, they're always going to be the "high risk" investment versus something like fixed income. Even a blue-chip dividend paying equity would be high risk in relation to fixed income assets.
We can look no further to something like BCE, which is now 40%~ off its highs and has slowed its dividend growth down to nothing. Situations happen with equities, no matter how low volatility they seem to be.
That said, if you're simply looking to start withdrawing the funds for retirement and not having to sell the entire portfolio in 5 years for some particular purchase and can withstand a little bit of volatility, the Foundational Stocks are definitely a good starting point