The 2017-2018 supplement (page 6-7) does not indicate that a cancellation would take a transaction credit:
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RESERVATION TRANSACTIONS
A Reservation Transaction is required for reservation activity within the CLUB WYNDHAM Plus Program. You receive one complementary Reservation Transaction each calendar year for every 77,000 points you own.
A Reservation Transaction is now required each time one of the following transactions is confirmed:
- Resort Reservations
- Worldwide External Exchange deposits
- Adventures by CLUB WYNDHAM
- Converting points to maintenance dollars
- WYNDHAM CLUB Pass reservations
- Cruising with CLUB WYNDHAM
Additional Reservation Transactions may be purchased to complete these transactions at the newly reduced rate of $19 when booking online or $39 when speaking to a Vacation Guide.
Please note: CLUB WYNDHAM Gold and Platinum VIP owners continue to enjoy the benefit of unlimited complementary Reservation Transactions."