In medium sized pot, heat canola oil over medium heat. Add onion and cook for 3 minutes.
Add garlic, white rice, chili powder and half of the cumin and toast mixture for 1 minute while constantly stirring.
Add broth and increase heat to high to bring mixture to a boil. Boil for one minute while stirring. Once boiled, reduce heat to low and cover the pot for 15 minutes.
Remove lid, bring up the heat to medium and add rinsed black beans and remaining cumin. Mix well and cook for an additional five minutes.
Remove from heat and mix-in cilantro. Spoon mixture into bowls and garnish with extra cilantro, lime or hot sauce.