I highly recommend against doing prepaid iPhone because if you are not careful, you may incur data charges that could eat up your balance. This is especially true for iPhone 5 as it is capable of LTE speeds. If you do go with Prepaid, please make sure your data is forever turned off and that wifi is the only thing you would be using. If an app asks whether you wish to connect to the TELUS network, make sure you push no. You may connect accidentally.
Warning: Prepaid is a very unforgiving system when it comes to data. If you use all of your balance, the data can still be used without stopping at $0. This is because the system queues the charges. So if you are at $0 and you use another 100MB, for example, that 100MB will be automatically deducted the second you load money onto the account.