Photos Into Canvases

How I can get my choice of layers in a perfect canvas size in photoshop?
Hi, I'm a user of Photoshop fans enough for the time, however, usually find my way to avoid more problems. One in particular has been calling me for help before you bash my netbook. When I cut a square Layer image, is there any way to paste into a new document, and have the perfect size canvas around it? I'm trying to cut the eye of a photo, but when I put in a new project in Photoshop I met a lot of white space, this is because I do not know the pixel size of the selection and I'm not sure how find out, so when you save as a jpeg, his eye, surrounded by a white rectangle. Does anyone know how I can get around this? any help would be greatly appreciated, thanks:)
You can adjust the canvas to the image. You can do this manually … Create a rectangular selection of the desired size and use of Image> Crop or Go to Image> Crop that lets you choose how you want the cropped image. or Go to Image> Canvas Size and change the canvas size from there.
Cool idea! Making an old photo into a canvas wrap you can hang on your wall.