Does using rel-canonicals pass same link juice as 301?

Was watching last week's Moz Whiteboard Friday (lol I know I know) and Rand talks about using canonicals in place of 301's at time to keep engagement signals and possibly links so I'm wondering if using canonicals passes same link juice as a 301 or if anyone has any experience using them over 301?

Thanks BHW

Canonicals are NOT a replacement for a 301, they just tell Google there are multiple versions of a page and which one to index and which ones to ignore. So no. Only use it if you're in a natural situation for it.

-ThopHayt

Rel=canonical purpose is to protect you from duplicate content in your pages and tells Google which version should be indexed.