Neatsfoot is what I use and prefer, but canola won't hurt your leather. Oil is oil. Make sure it's as pure as you can get it, and oil in small increments at a time. Take it into the sun to help the oil really soak in, and work your leather well with your hands.
I've heard about edible oils attracting rodents and can go rancid, but if your tack is up high, and in a dry, clean place it shouldn't be a problem.
Edit- I have started using the Fiebings bar, and it does pretty well. I just always lightly condition afterwards, as it hasn't been the most hydrating for me either.
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