Canola oil generally has a higher smoke point, making it suitable for high-heat cooking like frying. Vegetable oil is more of a mixed bag since its composition varies by brand; it could be soybean, corn, or a blend. Health-wise, look at the saturated fat content; lower is usually better. Canola is often lower in saturated fat than some vegetable oil blends. Price is the final factor; vegetable oil blends are typically cheaper than canola.