My top three picks would be SpeedGrader, Pages, and Discussions. I agree with everything that's been said already about SpeedGrader, and I LOVE showing faculty how easy it is to begin doing online grading using SpeedGrader. But regarding other Canvas features that can help to enhance teaching across a range of course types, Pages and Discussions can add a lot of flexibility to courses.
Pages: Canvas's wiki pages can be used in a wide range of ways, from curating current course information on the home page (links to readings, assignments, additional resources) to providing special purposes pages with supplemental resources, embedded videos, images, you name it. Pages can also be configured to allow students to edit them, which opens up the possibility for crowd-sourcing assignments (a favorite strategy of mine for both face-to-face and online classes). And BONUS: familiarity with the Rich Content Editor and Content Selector in Pages helps with other features in Canvas.
Discussions: Discussions can provide a mechanism for many different types of interactions that can enhance teaching and learning. This might be a semester-long FAQ discussion where students post questions, or a graded class-wide or group discussion assignment. Discussions are a common feature of online courses, but they can also be useful in face-to-face and hybrid courses. Plus, it's one of the few mechanisms available in Canvas where students can easily share work with others in the class. And Discussions can also be configured for use as an individual semester-long journal (group discussion, where each student is in their own group).
Collectively, these tools provide a wide range of options for enhancing teaching!
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