Normally you can record and watch a few things at once but it is dependent on your connection speed and how Optik is configured from Telus' end.
On any of your set top boxes, try the following:
What does it say on that screen? Also what speed is your internet connection?
1HD + 2SD means you can only watch or record a single HD stream and you're left with two standard definition streams. If your internet speed is fast enough Telus should be able to increase that. Give them a call and have them check. I'm on 4HD currently. Some out there can even get 5HD if their available speed is high enough.
In another post it was indicated that each HD stream consumes about 4 Mbps, and Telus usually provisions to allow some overhead for Internet use simultaneously with TV viewing. Thus, although 12 Mbps would allow 3 HD streams (barely) there are instances where use of the TV and /or Internet would be compromised. I assume you are on copper, not Fibre. Do you have an option to select a higher speed service?