Combine the softened cream cheese and powdered sugar in a medium mixing bowl. Blend until creamy and smooth.
Place one wonton wrapper, put a small scoop of the cream cheese filling in the center, wet the edges with water, and fold diagonally to seal.
In a deep skillet over medium-high heat, heat the canola oil to 350°F (175°C).
Carefully place the assembled wontons into the hot oil and fry for 45 seconds to 1 minute until golden brown. Drain on paper towels.
If baking, preheat the oven to 375°F (190°C), arrange the wontons on a greased baking sheet, and bake for 10-12 minutes until crispy and golden.
Serve warm, dusted with powdered sugar or drizzled with chocolate sauce.