Lot 40 is not conventional Canadian whisky at all, exactly right. Really it is, or is very much akin to, a flavouring or straight whisky (albeit different from U.S. rye as you said) that would normally be used in a small amount in a blend but that happened to be released on its own. If you blended Lot 40 with 90% aged GNS, it might end up tasting like Seagram VO, say, or… maybe that Collingwood.
Of course, Collingwood 21 years old is a different story - it is a straight whisky essentially, the Collingwood counterpart to Lot 40. Masterson's is another counterpart except aged in new charred oak and thus getting closer to American straight rye in character.