The text item will be initially displayed using the canvas.create_text() method, with some additional options to use a Consolas font and a blue color.

The dynamic behavior of the text item will be implemented using StringVar. By tracing this Tkinter variable, we can modify the contents of the item:

import tkinter as tk

class App(tk.Tk):
    def __init__(self):
        super().__init__()
        self.title("Canvas text items")
        self.geometry("300x100")

        self.var = tk.StringVar()
        self.entry = tk.Entry(self, textvariable=self.var)
        self.canvas = tk.Canvas(self, bg="white")

        self.entry.pack(pady=5)
        self.canvas.pack()
        self.update()

        w, h = self.canvas.winfo_width(), self.canvas.winfo_height()
        options = { "font": "courier", "fill": "blue",
                    "activefill": "red" }
        self.text_id = self.canvas.create_text((w/2, h/2), **options)
        self.var.trace("w", self.write_text)

    def write_text(self, *args):
        self.canvas.itemconfig(self.text_id, text=self.var.get())

if __name__ == "__main__":
    app = App()
    app.mainloop()

You can try out this program by typing some arbitrary text on the entry input and noticing how it automatically updates the text on the canvas.