For reference, at Xjet this basically doesn't happen. If you cancel they may or may not assign you to something else, but they generally won't have you sit endlessly at the airport. 100% pay protection. They won't roll your day off unless it's something beyond their control (like cancelling at an outstation). If they roll you, get your choice of 150% (3.75 min) on the rolled day, or an additional day off next month (something will be dropped from your schedule with pay protection). If you're already at min days off for next month, you'll get *both*.
Enjoy your abuse.