Canaan is the ancient name for the land of Israel. The Torah gave Abraham the land of Canaan, which in some cases stretched from southern Syria to the Eastern Sinai and, in other Torah references, was only a small strip hugging the Mediterranean. Under the leadership of Joshua the Israelites conquered Canaan, which had previously been divided into seven city states. Today, the land of Canaan is known as Palestine, Eretz Yisrael and Israel.
Sources: Bridger, David. Ed. The New Jewish Encyclopedia. NY: Behrman House, Inc. 1976.
Schreiber, Mordecai (ed.). The Shengold Jewish Encyclopedia. Shengold Books. 1998.
Telushkin, Joseph. Jewish Literacy. William Morrow and Company, Inc. 1991.