You can't use setTimeout() in QML, it's only in JS for browsers, in Qml you must think declarative :
import QtQuick 2.0
Canvas {
    id: canvas;
    width: 360;
    height: 360;
    contextType: "2d";
    renderStrategy: Canvas.Threaded;
    renderTarget: Canvas.Image;
    antialiasing: true;
    smooth: true;
    onPaint: {
        if (context) {
            context.clearRect (0, 0, width, height);
            context.beginPath ();
            context.moveTo (width / 2, height / 2);
            context.arc (width / 2,
                         height / 2,
                         50,
                         0,
                         angle * Math.PI / 180,
                         false);
            context.closePath ();
            context.fillStyle = "red";
            context.fill ();
        }
    }
    property real angle : 0;
    Timer {
        interval: 1000;
        repeat: true;
        running: true;
        onTriggered: {
            // update your angle property as you want
            canvas.angle = (canvas.angle < 360 ? canvas.angle +6 : 0);
            // repaint
            canvas.requestPaint ();
        }
    }
}
I took the liberty to set the best settings for Canvas to allow you to have the best possible rendering !