For DVC resorts the limiting factors are that you must cancel before 30 days to get your points fully available. The banking windows still apply which is why use year selection is more important than many think. For non DVC options, the points are either gone or of limited use after cancelling.
If you cancel 30 days or less for a DVC resort, the points go into what is called a "holding" account. They can only be used to make reservations 60 days or less before you travel and before your Use Year ends.
