There is a checkbox on the Borrowing Cancellation form that will allow you to send the cancellations to a print queue instead of (or in addition to) sending the normal email. If this checkbox is selected, all notifications will be written to the BCancel.xls file, which is referenced by the BorrowingCancellation.doc Word template.
The BorrowingCancellation.docx print template is not included in the default ILLiad print templates. If you wish to print cancellation notifications, you will need to create your own template. See Creating New Print Templates for more information.