I had some trouble loading a specific PNG, which other viewers were able to display just fine. The image's onerror handler fires with an "out of memory" error.
However pngcrush does provide a hint about what's wrong:
Total length of data found in IDAT chunks = 912
libpng warning: Ignoring gAMA chunk with gamma=0
With that chunk gone, node-canvas is happy again.
I put the original image here: http://gofish.dk/zero-gAMA.png
Of course it's the image that's broken, but I'm reporting it anyway because "out of memory" is a weird symptom :)