Many of you may think this is a lot to do every time you move the mouse, but in fact, when programming is concerned, it's actually not much at all, so more than half a second to complete this task is out of order. I ran Speed Tracer and found out the exact cause of the problem. Turns out, any interaction with the canvas was causing huge latency, and the entire page to freeze. I assumed this was my own coding, as Squiggle Canvas was made in a hurry, but being this bad was out of the question. Then I suddenly realised I had enabled one of Chrome's new Experimental features, GPU Acceleration for Canvas. In a lot of cases, this improves performance significantly, and even outdoes IE9 in some areas on the IE9 Demo page.
However on my project it made it entirely unusable. Once I disabled this feature, Squiggle Canvas ran as smooth as porn star's lower regions. Just a word of warning to anyone using Chrome's new experimental features on the Dev channel, they aren't completely stable, and break a lot of applications, including mine. More updates when they make changes this feature.