1: Source: Canola Council of Canada Canola Oil has a higher smoke point (240°C) than Olive Oil. It has ONLY 7% saturated fat compared to that of Olive Oil with 14%. As a result, canola oil is far more versatile and can be used as a salad oil, but also for roasting, baking, shallow frying and deep-frying. You may also notice that canola oil goes a long way further in the kitchen than other oils.