I have a $35 per month deal with Koodo, a lower cost subsidiary of Telus - which has the best network of towers in BC and Alberta. Only 300 MB data. This is not a long term contract; I can quit any time without penalty. Also $10 for their SIM card. That is still cheaper than the $40 US quoted but you would probably get more data with your US carrier. You could find a Koodo booth in most shopping centres in western Canada. No charge for setting up your phone.
In your place I would be looking around for a better deal to switch to when your contract ends.