OpenAI's YouTube video showcases the new features of Canvas, a tool integrated into ChatGPT. Canvas allows users to collaboratively write and code with ChatGPT in a side-by-side interface, enabling easier editing and feedback. New features include Python code execution directly within Canvas, producing immediate results and visualizations, and Canvas integration with custom GPTs, letting users tailor the collaborative writing and coding experience. The video demonstrates these features through examples, such as creating a Christmas story and debugging Python code. Finally, the video highlights the expansion of Canvas availability to all users, regardless of their subscription plan.