Paisley Canal can be somewhat confusing.
It's near Canal Street, although not that near Canal Street. The new station is certainly nowhere near as Canal Street as the original (given the site was filled in by housing after the Beeching Axe). However, the station is not named after Canal Street, but rather Canal Street is named after the canal that gave Paisley Canal its name. Which, of course, was the Ardrossan Canal, not the Paisley Canal. Well, it was the Ardrossan Canal, except it never reached Ardrossan. So it became the Glasgow, Paisley and Johnstone Canal, which then became the Paisley Canal Line when converted to railway.
So the station was named after the feature that was converted to a railway after it had been renamed as it no longer met its original purpose, the reason for its conversion in the first place.