I Would never threaten with something I would/could not carry through. My friends husband 'cancelled' xmas when their son (aged 11) deleted nearly all the working files on his class computer. He literally took it all back for a refund. Child (and mother) were mortified, but he never stepped out of line again, especially during December
No presents at all on Christmas Day is mean (if you can afford presents and actually celebrate Christmas).
Ex's sister got no presents and a lump of coal in her stocking for breaking milk bottles one Christmas. No warning, just that, while other kids got presents. I thought that was an awful thing to do to a 5/6 year old!