As you know water and electronics and electricity are not a good mix.
The minerals in the water cause corrosion and the water also provides circuit paths for the electricity which were not in the camera's operating design and could damage the components. The corrosion process starts immediately and will not stop until it has been thoroughly cleaned away.
Rice is good to eat but does nothing to fix the problems caused by corrosion
Don't Put Your Device in Rice. Here's Why...
First do not turn on your camera and then you need to with the camera turned off, remove the battery as soon as possible from the camera to minimize further damage.''
Then you need to completely dis-assemble the rest of the camera and clean all the affected parts using Isopropyl Alcohol 90%+ (available from most pharmacies) to remove all traces of corrosion and water. Do not use "rubbing alcohol" as in some cases this is only 70% or less and is not as effective. If you do check the label to verify the amount
Here is a link that in general describes the process.
Electronics Water Damage
As always with electronics, especially surface mounted PCBs be gentle when handling and especially when brushing away the corrosion. You do not want to remove any components from the board.
Here is a link to the ifixit repair guide(s) for your camera which may be of some help.
Canon PowerShot SD1200 IS Repair
If this process seems too daunting, take your camera to a reputable, professional camera repair service experienced in water damage repair and ask for a quote for a repair. If you decide to do this, do it sooner than later.