The conventional wisdom for treating a wet camera is this. Open up the camera as much as is easy and remove the battery (and also any internal memory battery), remove any memory cards, and set it out to dry. When it is 100% dry, try replacing the batteries to see if it works again. If it continues to fail, you have only two choices. Either send it to Canon Repair, or else toss it on eBay as-is.
Canon Repair will tell you one of a few things, once they look at it. Either they tell you that they can fix it for XXX dollars, or they tell you that they will replace it with another refurbished unit for YYY dollars, or they will tell you to toss it. Then it is your call.
As a general rule, if it is a fairly new camera, you will pay them money. If it is an older camera, then you will toss it.
OBTW, for future reference, there are lots and lots of little camera pockets and holsters that you can use to keep your camera in, and they float. Even my big cameras will float in a big Lowepro shoulder case. Just a couple of weeks ago I had about $3000 worth of camera in the case halfway down in a stream crossing.