A soluble canola protein isolate is prepared from canola protein micellar mass by solubilizing the protein micellar mass in a calcium salt solution, preferably a calcium chloride solution, followed by dilution of the resulting canola protein solution. Following removal of the precipitate phytic acid, the aqueous canola protein solution is concentrated, optionally diafiltered, and acidified to a pH of about 2.5 to 4.0 to produce an acidified clear canola protein solution, which may be concentrated, subjected to a colour removal step and dried. The canola protein isolate so formed is soluble, transparent and heat stable in an acid aqueous environment and also is soluble at natural pH, without precipitation of protein.