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What is the approximate cost to replace a charcoal canister on Lexus 2005 GS430 on 2005 Lexus GS430

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I'm not sure if I have to take it to a Lexus dealership or have and independent company handle the replacement
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I don't know the cost, but you can take this to a Dealer or an Independent to fix this. I suggest taking it to a shop that performs Smog checks, and a Gold Shield Smog Station is even better.
Lexus dealership wants to charge me $1,196.00 for parts and labor.....is this a rip off?
Get a second opinion to be sure. If the info stated is correct, then the price you received is high. Estimating can be tricky, be sure you know everything that is included, or not included in an estimate. e.g. diagnosis, parts, labor, taxes etc.
Like I mentioned before, I suggest a Smog, or a Gold Shield Smog Shop.
Find one here: http://www.smogcheck.ca.gov/pubwebquery/Station/StationList.aspx