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checkout.cancelled is off by default. It will not be delivered until you enable it in Dashboard → Developers. See Receiving Webhooks for instructions.
This event only fires for payouts (withdrawals), and only on certain processors. Most accounts will never receive it. Ask Soap whether it applies to your payout rails before you subscribe or write a handler.

Payload Structure

Example Response

Updating Your Internal Ledger

A cancelled payout is a terminal charge status. The charge typically moves from pending to cancelled — the payout was accepted for processing and then cancelled before it settled. If you already debited the customer on checkout.hold, credit them back here, the same way you would for checkout.failed with from_status: "pending".