Help! I Have an Ugly Couch

I have an ugly couch. We got it from the thrift store so it has to be ugly apparently. Why don't you cover it you ask? Well it's a recliner sofa and they just don't make slipcovers for those. So I would have to completely recover it. My schedule clears up quite a bit in August (I'm graduating in July!!) so I will have time then to do some recovering. But I want to get it ready now. So what are your thoughts? We're newly weds so spending a bunch of money on fabric isn't really an option. I was thinking maybe buy painter's canvas since it comes in huge sheets and dye it? I don't know...HELP!!