Watertruck,
I don't think anything can prepare you for the harsh reality of the weather in Nunavut, but on the other hand it could be the adventure of a lifetime going somewhere so different. You'll see a side to Canada most people (including Canadians) don't see.
I am sure you've done a lot of research into what the lifestyle would be like in Nunavut, i.e transport, accomodation, employment, culture etc. I remember looking at Arctic College when researching Canadian colleges and there's quite a lot of information out there on what it's like to live in Nunavut.
Whether it's a wise decision depends on the qualitity of Arctic College and on your personality and how well you know yourself. I would love to go somewhere remote like this, but I know myself and my limitations and realize I would not cope well. You on the other hand may thrive, especially if you go with the right attitude and realistic expectations. Good luck!! I hope you have an amazing time.