noun
Refers to calling off or discontinuing an event, plan, or activity that was scheduled or underway.
大雨のため、花火大会は取り止めになった。
The fireworks display was canceled due to heavy rain.
会議の取り止めを
I notified everyone of the meeting's cancellation.
中止 is a more general and common term for cancellation or discontinuation. 取り止め often implies a decision to stop something that was already planned or in progress, and can carry a nuance of calling it off.
キャンセル is a loanword used widely for canceling reservations, orders, or events. 取り止め is a native Japanese noun and feels slightly more formal or written.
Compound of the verb 取り止める (to cancel, to call off), from 取る (to take) + 止める (to stop).