Canola is a low acid vegetable oil. If exposed to moisture or air exposure it will eventually go rancid but should be fine for a long time if stored properly. I would say replace it every year under normal knife shop use.
Parks is a mineral oil base product and very stable. It should last many years. I have a large quench tank of parks 50 that is a good 20 years old and works just fine. If you tore it in a closed drum, it should last almost forever.
Straining through a screen filter at least yearly is wise, especially if you do clay quenched blades. Avoid getting water or leaves into the oil tank if it is stored outside. It should always be covered fairly tightly to keep critters and stuff from getting in the oil.
For those interested in the chemistry of oil going bad:
The enemy of oil is heat, air, and water.
Heat breaks the oil down fairly rapidly, so avoid high heat and quenches that "burn" the oil. The heat mainly speeds up oxidation, ... read on.
Air and water both contain oxygen which causes oxidation of the oil. The carbon-carbon bond in oils can be broken by oxygen. The oxygen makes new chemicals like aldehyde and carboxyl compounds, which form fatty acids, and those compounds go rancid. As I just noted, the higher the temperature of the oil, the faster the oxidation occurs. At the temperature of a quenchant, around 130°F/55°C, the oxidation is slow. In a deep fryer at 350-450°F/175-230°C, the degradation is pretty fast, and the oil may only last a week to a month. One way to slow the degradation is to limit the surface area exposed to the oxygen. A tall thin quench tank has a smaller surface area than a wide pan. A tightly closed tank or container does the same.