We performed a photometric multicolour survey of the core of the Canis Major overdensity at l approximate to 244 degrees, b approximate to -8 degrees.0, reaching V similar to 22 and covering 0.3 x 1.0 arcmin(2). The main aim is to unravel the complex mixture of stellar populations toward this Galactic direction, where in the recent past important signatures of an accretion event have been claimed to be detected. While our previous investigations were based on disjointed pointings aimed at revealing the large-scale structure of the third Galactic Quadrant, we now focus on a complete coverage of a smaller field centred on the Canis Major overdensity. A large wavelength baseline, in the UBVRI bands, allows us to build up a suite of colour-colour and colour-magnitude diagrams, providing a much better diagnostic tool to disentangle the stellar populations of the region. In fact, the simple use of one colour-magnitude diagram, widely employed in all the previous studies defending the existence of the Canis Major galaxy, does not allow one to separate the effects of the different parameters (reddening, age, metallicity and distance) involved in the interpretation of data, forcing to rely on heavy modelling. In agreement with our previous studies, in the same general region of the Milky Way, we recognize a young stellar population compatible with the expected structure and extension of the Local (Orion) and Outer (Norma-Cygnus) spiral arms in the Third Galactic Quadrant. Moreover, we interpret the conspicuous intermediate-age metal-poor population as belonging to the Galactic thick disc, distorted by the effect of strong disc warping at this latitude, and to the Galactic halo.