In a saucepan over medium heat, mix together the water, sugar, salt and 3 tbsp canola oil until it reaches a boil.
Remove from heat and stir in the flour, cinnamon and vanilla. Allow the dough to cool for 10 minutes.
Use a hand mixer to mix in eggs and set aside.
Add the frying oil to a soup pot or deep fryer and heat to 360 degrees.
Place the dough in a piping bag with a large star tip and pipe a six inch churro into the hot oil, using a knife to cut off the end. Work in small batches, about 3 or 4 churros at a time.
Fry the churros on each side for about 3-4 minutes until they are golden brown. Remove the churros and place on a paper towel lined plate.
Immediately roll the churros in the cinnamon sugar mixture to coat. Serve the churros warm with melted chocolate or hot fudge sauce.