I read someone said that there is no contract for the internet. The contract is only on Optik TV. This is the reason that I did not want the free stuff from Telus when I switched my service to Telus.
If you cancel now, you have to pay $240. You got 50% off for the first year. If you spread the cost($240) over 1 year period, your actual cost for the first year service is (50% + $20) per month. If your monthly payment is $50 now, your real cost for the first year is $70 if you cancel after one year. I have read a post that a person put away $20 every month for the first year just to pay the penalty after 1 year. You are still coming out okay.
With only internet 100 service, your internet cost will be higher as you do not have multi-service discount.
Do a calculation on with and without cancellation. You will know which is cheaper and how much.