The only reason this even came up is because I was recommending the newer Graphene waxes to a friend and even suggested it would make his canoe faster and he replied, via email, that he'd heard that wax made a canoe slower. I found out that Northstar tells you not to use wax because it increases friction, and use 303 instead.
I have immense respect for Northstar, but this is one case where I think they blew it. Wax may not make your canoe faster, but I doubt if it slows it down noticeably either and goes a long way toward protecting it.