In a medium saucepan on medium heat, add peaches, water, sugar, cornstarch, nutmeg and cinnamon. Stir to combine. Bring to a boil and simmer 1 minute. Remove from heat and stir in vanilla. Set aside. In a medium bowl, add eggs and beat with a fork to combine. Add milk, vanilla and cinnamon. Stir to combine.

In a large sauté pan on medium heat, add 1 teaspoon canola oil and use a paper towel to coat the bottom of the pan. Stir egg mixture and add one piece of bread. Turn bread in mixture several times and add to pan. Continue with remaining 3 pieces of bread. Cook for 2-3 minutes and flip over and cook the other side for 2 minutes or until golden brown.

Place on plate and cover. Re-oil sauté pan and cook remaining bread. Serve French toast with warm peach sauce. Top with fresh raspberries and maple syrup if desired.