Mix the chili powder, brown sugar, and garlic powder in a bowl. Press onto the flat cut beef brisket until it’s fully covered and powdered mixture is used.
Pour the canola oil into a large 5 quart cast iron pot. Set the heat to medium. Place the brisket flat side up. Brown on each side for 5 minutes.
While the brisket is browning, mix the barbecue sauce and red wine. Pour the sauce around the beef. Then pour in the water. Bring to a boil then reduce heat to low. Cover the cast iron pot with a lid, and simmer for 1-½ to 2-½ hours.
Check the brisket occasionally. Once cooked through (internal temperature should read between 185-195 degrees Fareneheit), remove brisket from pot and set to the side.
Skim fat from cooking liquid. Bring liquid to a boil; reduce heat to medium and cook uncovered for about 10 minutes until liquid reduces to one cup.
Before serving, trim the fat from the brisket. Carve the meat across the grain into thin slices and serve with sauce or dip each slice in sauce before serving.