It's 45 days with no penalty. I had to cancel my
AAA package yesterday because some personal issues came up that prevent us from going right now

, and the AAA agent put me on hold while she contacted Disney. Took care of it in a matter of minutes. She did say that they would ask for a reason, but "personal issues" must've sufficed for them, because now it's cancelled. You will not get a confirmation number for that cancellation, but make sure your agent takes the name of the Disney person who cancels your vacation, and I was told that, if there are any refunding concerns, having the person's name plus the date you cancelled would be all you need to take care of any problems.