Given I have a canvas that contains many shapes, lets say rectangles for now.
Each shape has a location (inches), size(inches) and rotation angle(degrees).
When
Your question is awfully short on details, I can only provide a generic answer. Do it mathematically is the fastest way. Rotation can make that difficult.
You can solve it slowly but easily by using a hit-test bitmap. Render the shapes to a Bitmap, using the same code you now use to render it to the screen. But now using a color that encodes the shape number. Hit testing is now simple and quick with GetPixel(). Be careful to turn off image enhancement settings, like anti-aliasing. Render it to the screen first and take a good look at the pixels with ZoomIt.