A deep spectrum sculpting is necessary to enable coexistence between a cognitive radio (CR) user and a licensed user which has low dynamic range and is susceptible to interferences. In this paper, we propose to use joint filter-bank based multicarrier system and cancellation carriers to guarantee an almost free out-of-band interference transmission and keep the quality of services of licensed adjacent bands unchanged. We investigate the performance of the proposed method with different well-known existing methods from viewpoints of the average level of out-ofband power, spectral efficiency, and computational complexity.