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This is the homemade preservative we use for wood tool handles, canvas and even leather. You heat the wax and use a rag to wipe the mixture made from turpentine, boiled linseed oil and bees wax evenly on the item and heat it up with a heat gun. If you don’t have a heat gun and it’s warm enough out just rub it in really fast to create heat friction. You can see the recipe on a previous thread here http://thesurvivalrevolution.com/?p=878 . 
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Here are a couple of old shovel handles. The one on the left has two coats of preservative. The one on the right was coated last year and stored outside the shed (at our rabbit pen). This is a great rainy, hang out on the porch day project. A good way to get someting done on an otherwise unproductive day.


Another benefit of the waterproofing mixture is it is a tiny bit tacky helping you hold on to the tool without making it actually sticky. As you heat the wax you can see it penetrating the wood. It will take on a darker, richer look with more pronounced wood grain.  Be sure to get it all over. You can tell your good after drying as water should bead and run off the tool. Dispose of the rags with the warning that sponaneous combustion has been known to occur with rags containing linseed oil!