This affect here (image below) was achieved with a couple simple Photoshop steps takes, the colors parts were turn white, the background (various shades of white gray), was made transparent. Is it possible to achieve this with canvas?
The images inside the circles below is the final result.

The images were originally colored, like the 2nd from top image was this one:

See that circle in the middle, basically all the white was cut out in an aliased way.
Same with this zoho logo:

The 2nd from bottom was originally something like this:

Except the red R was just a Y in the middle and instead of all the text and green strip seen in image here, it just had some grainy texture in shades of gray around it. And via photoshop the Y was made trasnparent, and the texture and stamp was just made solid, removing the 3d shadow etc.
Putting this above yandex stamp through the photoshop algorithm gives this (i replaced the white with black for demo/visibility puproses)

This was jagged after the photoshop algorithm but in final application the image is reduced to around 80x80px and that makes it look real smooth and anti-aliased. So real final result is this which looks very decent.

