In a large pan, place 1 T of canola oil. While pan is heating up, season beef well with salt and pepper. Add seasoned meat to hot pan and brown on one side until meat is deep brown. Flip meat and brown well on the other side, remove from pan.
In a medium sized pot over medium heat, melt margarine. Add diced onion and cook until it starts to turn translucent, then add rice and stir to coat rice in fat. Add 3 cups of water, 1 T salt and Bay Leaf. Cover pot, turn heat down to medium low and simmer rice until tender. Remove from heat.