Definition
In a state of being overwhelmed, defeated, or in a challenging situation.
How People Actually Use It
To be 'on the canvas' refers to a moment in your life when you are knocked down with little to no hope of recovering. It is a frequently used term throughout university as many students struggle to see the light at the end of the tunnel.
"Shit! My girlfriend just left me without giving me a reason. I feel worthless, I'm that far on the canvas. Why is life so cruel?"
Source: Urban Dictionary