This song was recorded straight to 2-track in a Toronto church, as was the rest of the Trinity Sessions album - although one of the songs was recorded on a 2nd day, despite the mythology of the song. Famously, they ran out of time during the recording session - which famously featured Margo Timmins singing into a PA - and had to bribe a security guard to let them stay long enough to record this unrehearsed song - which they recorded in ONE TAKE.
This is the DEMO. And it is beautiful.
Of course, the Canadian band is best known for a cover they did, which you can heard today over on Totally Covered.