Can I do it?

Yes! You can set up your Canvas Gradebook to apply a "0" grade to missing online submissions. The "Missing Submission" policy automatically applies a predefined score if the due date for an assignment or quiz passes without a submission. Using the Missing Submission policy saves you the trouble of manually entering zeros for missing online assignments.

How do I do it?

Click "Grades" in the course menu to open the Gradebook.
Open the Gradebook Settings (Gear icon)
Select the "Late Policies" tab.
Check "Automatically apply grade for missing submissions".
Enter a "0" in the "Grade percentage for missing submissions" field.
Click the "Update" button.
Check your Gradebook. All missing, past due, online submissions should now have a score of zero.

For more information (and screenshots!) check out the following Canvas guides:

Using the Canvas Missing Submission Policy
How do I apply a Missing Submission policy in the Gradebook?

Keep in mind...

The "Missing" status is only automatically applied to online submissions. For assignments that are submitted in-person or through an external tool, you will need to either manually apply the "Missing" status or enter zeros in the gradebook after the due date.

Missing assignments do not factor into students' grades unless a zero score has been entered. This can give students with missing assignments the impression that they are doing better in the course than they actually are.