We use spectropolarimetric data from the Swedish 1-meter Solar Telescope to investigate the physical properties of small-scale magnetic cancellations in the quiet sun photosphere. The CRisp Imaging SpectroPolarimeter (CRISP) captured a full Stokes polarization profile at Fe I 557.6 nm, which allowed to derive temporal evolution of the line-of-sight magnetic field during 42.5 minutes of QS evolution. From this magnetogram, we identified 38 cancellation events. We then used YAFTA magnetic element-tracking technique to derive various statistical physical properties of these cancellations. We found on average 1.558×1016 Mx of magnetic flux being canceled in each event with an average cancellation rate of 3.816×1014 Mx s-1. We found that derived canceled flux is associated with strong downflows, with an average speed of ΔVLOS of 1.1 km s-1. Based on previous studies we surmise that these downflows lead to omega-loop submergence and magnetic reconnection. We found an average lifetime of each event to be 9.2 minutes with an average 44.8% of initial magnetic flux being canceled; these estimates, however, provide a lower limit since during cancellation events magnetic fields are frequently below the instrument noise level.