Hi @Mrs_Brase ,
Are you using Canvas Free for Teachers, or are you part of a larger institution? In my experience, the institution's administrator needs to create Grading Periods in order to create a new Gradebook for each term.
I don't know how the free version works. Do you have administrator rights? If so, I assume you can set up your own Grading Periods to make a new gradebook for each term.
ETA:
Alternatively you could use weighted Assignment Groups to achieve something similar. Your AGs don't actually have to add up to 100%, so you can create semester 1 weighted groups and separate semester 2 weighted groups. If you don't use weighted categories, you would just create a "Semester 1" worth 100% and a "Semester 2" worth 100% and then just make sure to place assignments in the proper Assignment Group.
If you do use weights, you'll have to create duplicate AGs, one for each semester. So you might have, for example, "Writing Semester 1" = 20%, "Reading Semester 1" = 20% and so on AND ALSO "Writing Semester 2" = 20%, "Reading Semester 2" = 20%, etc. Again, you would have to make sure to choose the correct Group when creating Assignments. The unused Groups (per term) would simply be ignored by Canvas when doing grade calculations.
This method won't create a new gradebook, but you will be able to filter by assignment group. You will have to train your students to look only at the current assignment group totals because I think the course Final Grade will still include all scores.