Canaan is one of the formal names given to "the promised land" held for the nation of Israel in the Old Testament of the Bible.
Genesis 17:7-9 New International Version (NIV)
7 I will establish my covenant as an everlasting covenant between me and you and your descendants after you for the generations to come, to be your God and the God of your descendants after you. 8 The whole land of Canaan, where you now reside as a foreigner, I will give as an everlasting possession to you and your descendants after you; and I will be their God.”
9 Then God said to Abraham, “As for you, you must keep my covenant, you and your descendants after you for the generations to come.