Is there a way for students to submit a shared document from Office 365?
It depends on what you mean by "submit." Is the document already an assignment? If so, they would just return to the Canvas assignment page and submit the assignment.
If you're talking about just linking a shared doc, you can just embed the file from OneDrive into Canvas as normal, and it will keep all its sharing settings.
If you want the student to submit a OneDrive file for an assignment, this tutorial outlines that.
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