With six rounds left before the finals, the Raiders don't have to play any current top four opponents and have a bye in hand.
If the Green Machine are able to win the minor premiership, it would be their first since 1990, when coach Ricky Stuart was halfback.
However, Canterbury could cut Canberra's two-win lead to one if they beat Manly later on Sunday.
The victory at GIO Stadium was the Raiders' ninth on the trot, the first time they have achieved that feat since 1994.
Timoko provided the stability, weaving and winding through Newcastle's defence and earning two tries.
He also broke through Newcastle's defence three times and ran 138 metres.
Joe Tapine (139m) led the Raiders up the middle, with Jamal Fogarty providing circling kicks and two try assists.
The Knights produced a courageous first half performance with Dane Gagai (16 runs) and Tyson Frizell (145m) creating a see sawing contest.
Big names Kayln Ponga, Bradman Best and Fletcher Sharpe were all out, and as the game continued their creative presence was missed as the Knights were unable to break down a solid Canberra defence.
Newcastle's season is also now all but over as they sit well adrift of the top eight, tied on 16 points with last-placed South Sydney.
Both teams went try-for-try in the first half.
Kaeo Weekes strolled over first after Jed Stuart broke free down the left edge and passed to Hudson Young, who laid it off to the Raiders' No.1.
The Knights were able to level the scores when Phoenix Crossland drew the Raiders out before passing to Leo Thompson, who provided a short ball to Kai Pearce-Paul.
Canberra shrugged off the Knights' try, going on the offensive and finding their second when Simi Sasagi broke free of a Tyson Gamble tackle and crashed over.
Newcastle had been sniffing around the Raiders' right edge all game and earned their second try when Gagai found Greg Marzhew, who strolled over untouched.
But on the stroke of half time Xavier Savage was able to put Canberra back in front when Timoko broke free on the right edge and found his winger.
The second half was a different story, with the Raiders scoring four unanswered tries, including two for Timoko.
Substitute Noah Martin was able to score his first NRL try when he pounced on a Jamal Fogarty kick.
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