This does look like the so-called "red over blue" variety. This colour layering variety seems to appear to different degrees on this stamp. I have seen some where it is obvious and others that are more subtle. The bottom of your copy has a very strong impression of the red being over the blue. The top part is not as convincing. Even the standard versions of this stamp exhibit some red showing through the blue. It appears that the trapping on this stamp was not done correctly.
Search for 479 in the Canadian stamp section on
ebay and you will see several copies for comparison.