I just noticed that canceled orders are not updating in Google analytics. The canceled orders in Google analytics are still showing the original sales data and revenue amounts but since the orders were canceled they should show as $0 in Google analytics. Has anyone experienced this issue? I'm not sure what to do next to resolve this problem.
This is normal behaviour. Magento sends data to GA on success page.
If you cancel a transaction in the admin, nothing is sent to GA, so GA cannot possibly know that the transaction has been cancelled.
To solve it you can import refunded orders manually in GA: https://support.google.com/analytics/answer/6014861?hl=en