Cancel Times, going to Spain (5)
I believe the answer is:
erase
'cancel' is the definition.
(erasing is a kind of cancelling)
'times going to spain' is the wordplay.
'times' becomes 'eras' (era is a kind of time).
'going to' says to put letters next to each other.
'spain' becomes 'e' (abbreviation for Espana).
'eras'+'e'='ERASE'
(Other definitions for erase that I've seen before include "Take out" , "Delete" , "Eradicate" , "Scratch" , "Clear" .)