To unlock the phone you need an active account with Koodo so if you plan to unlock, make sure you do that before you cancel.
I think I should state the obvious...contract/term/agreement/phone subsidy all loosely translate to the same thing from a customer vantage point. Customers primarily care about what they're paying, what they're getting, and when the time comes, what's the cost to buy-out.
Telling a subscriber with a phone subsidy on this forum that they do not have a contract is probably more confusing than anything else.
No consumer cellphone carrier has "contracts". It's now agreements. Even Koodo has you sign an agreement when you take a phone on subsidy. The difference is when activation credits come into play.
Example...$400 phone, activation credit of $40, put $360 on subsidy, 1 yr later, buy out at $180. With the other guys, $400 phone, say you pay $0 upfront, put $400 on subsidy, 1 yr later, buy out at $200.
If you take an LG G4 on Koodo, say you get it for $0 upfront on a tab small, you're only putting $240 on subsidy on a 2 yr. Say you take the same phone on Virgin, even if they let you put it on a $30 per month silver plan, you're putting $700 on a 2 yr subsidy, meaning buy out 1 yr later at $350 (but your entire plan would be practically paying installments on that LG G4, plus the little minutes and maybe a bit of data on top of that...with crazy expensive overage rates).
Fido now has a tab structure to their plans, but the tab portion doesn't fall off after 24 months, and the buy-out doesn't necessarily reflect the remaining tab installments. Say Fido were to liquidate their LG G4's and offer it for $0 upfront on a tab 5, retail $700. Your buy-out a year in would be $350, not $60.