Canola oil, not surprisingly, comes from the canola plant, which is the largest edible oil crop grown in Australia!Canola oil also has history in Canada. Specially bred in Canada in the 1970s, the name canola is derived from “Canada oil low acid”. Canola oil is light and clear with a neutral flavour. It is high in monounsaturated fats, while low in saturated fat. Canola oil is widely used and is highly recommended as one of the best all-purpose cooking oils on the market.