Further, before making any decision about how to repair or restore your canoe, you would do well also to get, or at least look at -- "The Wood and Canvas Canoe: A Complete Guide to its History, Construction, Restoration, and Maintenance" by Rollin Thurlow and Jerry Stelmok, and/or "Building the Maine Guide Canoe" by Jerry Stelmok, and "The Old Town Canoe Company" by Susan Audette and David Baker.
The first is often called the "bible" of canoe repair, restoration, and maintenance; the second is an excellent study of the wooden/canvas canoe and its construction, and the third is a great history of the company and its canoes. These are available from the WCHA store, are often on eBay, or from Amazon. Sue Audette also sells her book directly ( http://www.thebaglady.tv/ ).