The advice from the BCU is as follows:
Always wear a Buoyancy Aid
A buoyancy aid should be worn for every canoeing activity, regardless of how well you can swim. Should you capsize it will keep you afloat and unlike a lifejacket, you can easily swim to help yourself. No one has drowned from a canoe close to the bank on simple water, whilst wearing a buoyancy aid. A buoyancy aid is probably the most important piece of safety kit you’ll invest in so don’t just rush out and buy the first one you see. Treat it with respect and it will last a long time.
Buoyancy Aid or Life Jacket?
Life jackets are designed to keep you floating the right way up but are generally too bulky to swim in, let alone paddle, so a buoyancy aid is the natural choice for the canoeist. Canoeing buoyancy aids are foam-filled not air-filled
Alway buy you safety equipment from a recognised dealer, ensure that you are within it weight range and always check for damage before use.
OutdoorEyes has a great check list which includes all the things you should consider including on a personal floatation device, it can be found here