I have no experiecne of white balance on a Canon, so can't say how accurate it is, but generally if the results look the right colour you don't need to change it! The recen tsnow is a good one for fooling white balance, and you may have noticed a blue tint to snow pics, you would want to change the white balance in this circumstance to get the colour right again.
Indoor lighting is another good one which will often give you very yellow looking images, again you would want to alter the white balance here.
I assume you can choose some preset ones? They're often a good place to start, and if none suit then Custom is the way to go, plenty of folks on here better placed than me to tell you how on your specific camera.