In the Glass: Dark amber, maple syrup.
On the Nose: Sweet, bourbon notes are the first to hit the nose. Vanilla, rye and then the sherry with some faint baking spices. With the sherry in there, it almost has a dark rum quality to it.
Neat, there's some heat on the end from the 45% ABV.
With water, the heat on the nose disappears. This is likely a younger blend, and at the higher strength it can certainly take a few drops. The nose gets sweeter and the baking spices come more to the forefront. Burnt sugar, and some caramel. The water tames the rye and amps up the bourbon influence.
Taste: Sweet, hot, spice. You get the bourbon and the rye immediately on the arrival, with the heat of the alcohol through the development. The finish is all about the sherry. It almost seems like cheating to simply add sherry instead of finishing the whiskey in a sherry cask, but it's also kind of genius too. The sherry is only 1% of the total blend, and that seems like just the right amount.
With water, this becomes a lot more fruit-forward on the arrival with the development and the finish showing off the rye. Sweet and spice. The alcohol still plays a role here, but it's pretty well integrated for a younger blend. This is like the Canadian cousin to some black, spiced rums that I can think of.