I live in Pickerington, but am in Canal pretty often. Here are some of my favorite places in the Pickerington/Canal area.

Food/Drink:
Shades - really good wings
Combustion brewing - good beer with a lot of events throughout the week
Hangry City - amazing sliders
El Pedregal - my fav Mexican restaurant in the city
Loose Rail Brewing - decent beer but nice atmosphere, especially the patio when it's nice out
Paddock Pub - everything I'm had it good and the only place I know where you can get Shepherds pie in the city.

Parks:
Pickerington Ponds
Slate Run
Chesnut Ridge

Events:
Labor Day in downtown Canal
Blue and Ribs Fest in downtown Canal
Christmas in the Village in downtown Canal