Using the eraser tool with soft edge, remove the sharp edges of the photo, so that this texture will also become the pics background.
Flatten the image.
Now, in order to actually turn it into an old canvas, go to Filter >> Textures >> Texturizer and apply these settings…
This will already make your photo look like an old painting, but we want to go farther and turn it in a Renaissance style picture. Whoever studied art knows, that at that time, most of the paintings had a spot-light directed to the face, while most of the other painting’s area was in the shade.
So… Go to Filter >> Render >> Lightening Effect, select a very mild orange hue, we used #f1d0af here, and apply an “omni” spot light over the person’s face.
This is it, look what an incredibly genuine old canvas we got!