I don't know whether it will affect your PR application, but before you break the contract, a few things you should know
1. Fido can take you to court for the money owed(it may show up on your background check) or sell the account to a collections agency. These agencies are known for calling everyday until they get the money.
2. It will ruin your credit making it difficult, if not impossible to qualify for loans, credit cards, new cell phone plan or favorable interest rates
3. A bad record stays on your credit profile for 6 -7 years