Final answer:
Nunavut is the most recent territory formed in Canada, officially established in 1999. It reflects Canada's history of accommodating cultural identities and spans one-fifth of the country's land area, predominantly inhabited by the Inuit.
Step-by-step explanation:
The most recent territory in Canada to be formed was Nunavut, which officially separated from the Northwest Territories to become its own entity in 1999. This was a significant event in Canada's long history of territorial evolution, which began in 1867 with the formation of the Dominion of Canada under the British North America Act, enacted by the British Parliament. From the initial joining of Nova Scotia, New Brunswick, and the Province of Canada, Canada has grown through various means, including negotiation, purchase, and the dedication to national projects like the Canadian Pacific Railroad.
Nunavut is notable for its large land area, making up about one-fifth of Canada's land, as well as its predominantly Inuit population. Moreover, the creation of Nunavut reflects the ongoing considerations of cultural and regional identities within Canada, a theme evident throughout the nation's history from the debates over Quebec's sovereignty to the integration of diverse territories and provinces.