Smoke point: reaching this temperature the oil support a thermal dissociation (and degradation) process: formation of glycerol and fatty acids, acrolein, etc. A great smoke point is a quality for an edible oil. Flash point: temperature of combustion; the flash point is of course greater than the smoke point.

Vegetable oil reaches a smoke point before it reaches its boiling point. Its smoke point is around 495F and its boiling point edges up towards 572F.

crude oil

That depends on the type of canola oil and the type of peanut oil. If the canola is refined and the peanut is unrefined, the smoke point will go down. If they're both refined, the smoke point will go up, but not by very much.

The flash point is the temperature at which a liquid gives off an ignitable vapor. It is NOT the smoke point, nor the ignition point. Unrefined peanut oil has a smoke point (temperature at which it begins to break down, give off smoke) of 320 degrees Fahrenheit, while refined peanut oil has a smoke point of 448 degrees Fahrenheit. The ignition point of both oils is 700 degrees Fahrenheit, and the flash point 600 degrees Fahrenheit.