To access your favorites list, open Course Reserves in a separate tab from Canvas by clicking the icon in the top right corner of the screen.
Then, click "Favorites" on the left side of the screen.
Your Favorites list is just like a reading list you'd build for a course, except it is not linked to a Canvas course and is just for your use. You can use this list for anything you like - organizing your own research, bookmarking things to read later, planning your courses, and more.
You can add to your Favorites list using all the same ways you would add to a reading list - searching the library, manual entry, or Cite It. Just make sure that, when adding materials, you are choosing to add to Favorites rather than a course reading list.
