The Israelites consider Canaan to be the Promised Land because they believed that

when the pharaoh released the Israelites, he promised they could settle in Canaan.
Canaan was the original home of Abraham and the other patriarchs.
God made a covenant with Abraham that Canaan would belong to his descendants.
Canaan is the place where God gave the Ten Commandments to Moses.

God made a covenant with Abraham that Canaan would belong to his descendants.

The Israelites consider Canaan to be the Promised Land because they believed that God made a covenant with Abraham that Canaan would belong to his descendants.

The Israelites considered Canaan to be the Promised Land because they believed that God made a covenant with Abraham, the ancestor of the Israelite people, that Canaan would belong to his descendants. This covenant is described in the Hebrew Bible, specifically in the Book of Genesis.

To obtain this answer, you can refer to the Hebrew Bible or Old Testament where the story of Abraham and the covenant with God can be found. Specifically, you can read the Book of Genesis, starting with Chapter 12, where the covenant with Abraham is made, and continuing throughout the book where the narrative of the Promised Land is further developed. Additionally, various commentaries and interpretations from religious scholars can provide further insights into the Israelites' belief in Canaan as the Promised Land.