Preheat your oven to 300°F. In a large bowl, combine the rolled oats, brown sugar, ground cinnamon, nutmeg, and salt. Stir in the walnuts and shredded coconut.
In a small bowl, whisk together the canola oil, honey, and vanilla extract until smooth.
Pour the wet mixture over the dry ingredients and toss until all ingredients are evenly coated. If the mixture seems dry, add a bit more honey or oil until all the ingredients are evenly covered.
Spread the mixture on a parchment-lined baking sheet and press lightly with a spatula to form it into a single layer. Bake for 20 to 30 minutes until lightly golden.
Remove the baking sheet from the oven and let the granola cool completely. When cool, break into clusters by hand. Enjoy as a snack or as a topping for yogurt or oatmeal. Store leftovers in an airtight container at room temperature.