Also means
to pay off
Usage Note
Cancelar means to cancel an event, subscription, or agreement, but in Latin American Spanish it also commonly means to pay or settle a debt (cancelar una deuda, cancelar la cuenta). In Spain the payment sense is unusual and pagar or saldar is preferred instead. This regional split is a genuine false friend for learners moving between varieties.
Examples
"Tuvieron que cancelar el concierto por la lluvia."
Natural Translation
They had to cancel the concert due to the rain.

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