For the calamari: In a large heavy-bottomed skillet, heat the canola oil over medium-high heat to 360 degrees F.
In a large bowl, stir together the cornstarch and flour with a generous amount of salt and pepper. Toss the squid in the cornstarch, being sure to completely coat.
Working in batches, lift the squid from the cornstarch, shaking to remove any excess, and carefully place in the oil. Fry until lightly golden and crisp, 3 to 4 minutes. Remove from the oil and drain on a baking sheet lined with a brown paper bag. Repeat with the remaining squid.
For the dipping sauce: Combine the soy sauce, chili sauce, lime juice, garlic, scallions and ginger in a small bowl. Stir together and serve with the calamari.