I cut my cable. I'm using one of those HD antennas. I get about 5-6 channels, CTV, global, omni, etc. I suggest buying an antenna and try it out before cutting cable just to see if you can get decent reception.
As for internet, I went with a small company call Surf internet. They use Shaw's network but I'm on paying $40 per month for 75mbps. There are other small companies like that as well. It's a lot cheaper than Shaw, worth looking into.
So I went from $150+ per month for Shaw down to $40 plus taxes per month. Especially with my work schedule all over the place, there's no sense in paying extra.
Hope this helps