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Canvas allows instructors to organize and classify assignments using assignment categories. Assignment categories provide a way for instructors to group related assignments together, facilitating the organization and grading process.
When building a course from scratch in Canvas, all the grade items will appear in the "Assignments" section as one large group:

You can put these assignments into different categories by adding assignment groups at the top right hand corner of the assignments section. To add a group, click "+Group":

Name the group and click "Save":

Reorganize your grade items by clicking and dragging them to the new category:

You can also reorganize by clicking on the grey vertical dots and selecting "Move To":

You can continue to add new groups for as many categories as you need until you feel your grade items are organized:

To weigh these assignment categories for final grades, please view Natural Grades. Vs. Weighted Grades