In this paper we have studied the nature of kinematical and dynamical laws in
κ-Minkowski spacetime from a new perspective: the canonical phase space
approach. We discuss a particular form of κ-Minkowski phase space
algebra that yields the κ-extended finite Lorentz transformations
derived in \cite{kim}. This is a particular form of a Deformed Special
Relativity model that admits a modified energy-momentum dispersion law as well
as noncommutative κ-Minkowski phase space. We show that this system can
be completely mapped to a set of phase space variables that obey canonical (and
{\it{not}} κ-Minkowski) phase space algebra and Special Relativity
Lorentz transformation (and {\it{not}} κ-extended Lorentz
transformation). The complete set of deformed symmetry generators are
constructed that obeys an unmodified closed algebra but induce deformations in
the symmetry transformations of the physical κ-Minkowski phase space
variables. Furthermore, we demonstrate the usefulness and simplicity of this
approach through a number of phenomenological applications both in classical
and quantum mechanics. We also construct a Lagrangian for the
κ-particle.Comment: Revised version with change in Title and Abstract, No change in
mathematical content, Reference section enlarged, Discussion on Soccer Ball
Problem removed; Version to appear in PR