In a page or anywhere else where you are in the "Rich Text Editor", which is the place where you type things and format them, you can embed a Google video embed code to display a thumbnail of the video or just create a link to the Google video.
To create a link to a Google video, just treat it like any other link in Canvas. This will not embed with a thumbnail, though, so to do that, you'll need to follow a slightly more complex procedure...
To create an embedded Google video, first go to Google drive and find the video and click on it once to select it, but not play it.
Then you'll need to change the permissions to share the video. Click on the person + icon, which is the icon to change the sharing settings. Click on “get shareable link” first,
Then type in the person's name or email address with whom you would like to share the video and then click on “done” to complete the process.
After you have changed the sharing settings, double click on the video icon to launch the video;
Click on the icon for “popup” window on the top of the page;
In the new window, find a three-dot icon, which will show “more actions” when your cursor moves over it:
Choose “embed item”;
Double click in the field below “paste HTML to embed in website”, when highlighted, copy the codes (Control + C if you are using Windows, or Command + C if you are using Mac.)
Now log in to Canvas and open your course.
Create a page in your course for the video if you have not already done so. Make sure you choose “content page”;
In the edit mode of the page, click on “HTML editor”;
In the HTML editor mode, paste the codes you just copied, adjust the size of the iframe (width of 320 and height of 240 is a nice size for a smallish thumbnail of the video) and then click on “save”.