Coach Bruce Pearl announced the suspension before the team's game Saturday at Georgia.
Canty, a junior point guard from the Harlem section of New York City, is averaging 18.3 points per game. He has made 69 3-pointers, the most in the Southeastern Conference. He leads the Tigers with 111 assists, third most in the SEC.
Auburn is 9-12 and took a four-game losing streak into the Georgia game.
Pearl said in a statement that Canty's "effort and attitude have been extremely inconsistent," despite some highlights on the court. Pearl said Canty "may return later in the season."