Aquacraft P27 Gunslinger taking on water

I'm new to RC boating and purchased an Aquacraft P27 Gunslinger and its taking on quite a bit of water in less than 5 minutes of use. I purchased the waterproof tape from hobby town and taped the canopy on very well and I'm still taking on quite a bit of water. The water covers the entire bottom of battery/radio compartment. What could be causing this and how would I go about fixing it? This just started happening after about the 5th time running it. Thanks for any help.