Hi Philemon, The iPhone was likely gone. I would try to hold the home button and power button for 10 seconds and see if it could turn on. If it can turn on, try to back it up as soon as possible. Water damage will eventually break the phone.
Water damage is not covered by Apple warranty. I am not sure if you have AppleCare+ or any insurance or not. Hence, you properly have to buy a new phone, either through Koodo or Apple store (if you want another iphone)