It is not ideal, but here is a possible solution.
Let's say the due date you tell students is Tuesday. On the assignment itself, set the due date for Wednesday. Then go to your Grades page and select the Gear icon to view settings. On the Late Assignment Policy, the second half handles reducing work by a percentage value if late. Set it to reduce the grade by 25% with an interval of Day, with a lowest possible grade set to 50%.
You tell students Tuesday.
Wednesday will have no penalty because Canvas thinks that is the due date.
A submission on Thursday will reduce whatever grade you give by 25%.
A submission on Friday will reduce whatever grade you give by 50%.
This would likely imply to students that it is due Wednesday rather than Tuesday, so you just have to make sure they understand your policy of being one day late without penalty.