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Since you don’t describe your current plan, it is somewhat difficult to offer comment on lowering your bill. However, the amount of subsidy you expect on your new phone affects the price, as do the regular sales Telus has on plans and devices.
You can also keep your current plan simply by buying your new phone outright.
Everything goes up all the time, never down. It's nuts everywhere, and we really don't have much shop-around choice for premium devices on subsidy, but I'm starting to see a little more flexibility and variation in our major carriers. For example, my son put my 10-year-old grandson on Rogers for his new iPhone a couple of months ago, and when my son added an iPad to the account last week, instead of the 1gb bonus data for 24 months he was expecting, he got 5gb of bonus data for 24 months. He was super-happy with that!!
If your contract is up, you don't need to renew your plan unless you decide to get a new phone on a contract subsidy. If you buy a new phone in full, your plan will stay the same.
Newer devices are getting much more expensive due to high demand and the Canadian Peso being worth less than the plastic it is made of. You could also contact customer care, wait a few hours to get someone useless on the phone, and then ask to speak to loyalty to see if they can offer you some sort of promotional offer for you to renew your contract and get a new device. It can't hurt to shop around as well, not that Canada really has any competition. However, you do get the odd time where a subsidiary of the big companies has a slightly better deal on a particular device they are trying to clear out.