Crossword Genius

Made to pay for the time cancelled (5)

Ross

I believe the answer is:

taxed

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'made to pay' is the definition.
I can't tell whether this defines the answer.

'the time cancelled' is the wordplay.
'the time' becomes 't' (abbreviation).
'cancelled' becomes 'axed' (I've seen this in another clue).
't'+'axed'='TAXED'

'for' acts as a link.

Can you help me to learn more?

(Other definitions for taxed that I've seen before include "Imposed duty on" , "Was demanding" , "Made heavy demands on" , "Stretched" , "Heavily burdened" .)

I've seen this clue in the Evening Standard.
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