The town was named as a contraction of the words CANadian WOODs.
It was Originally named Forgaard.
The name was changed to McQuan on December 1, 1911 and to McQwan on June 1 1912.
The name changed to Canwood on June 1, 1913.
The Post office opened on September 1, 1911.
The first postmaster was J.A. Riddle. He held the position from 1911 to 1918.
Current population is 348.