First of all glue the fabric to the canvas for thickness and support of the collar. Copy the template from http://downloads.luckymag.com/downloads/pdf/collartemplate.pdf
Cut the template place it on the canvas trace out the outline and cut. Then join the two pieces with a paper fastener for movement.
Make a hole in the end of each piece and tie a ribbon. Your done!
You can make it in any color or material you like in any shape! Or you could even stick the sequin collar on one of your tshirts!