These arms were copied out of Beddoe's Canadian Heraldry (published 1981). The chief of the shield is white with a wavy line, representing the long-sought northwest passage through the polar ice. The fox's mask and the gold billets represent the furs and minerals which are the wealth of the territories. The wavy line dividing the upper red part from the lower green part represents the tree line (south of it is trees, north of it is rocks, and the line does head more-or-less southeast). The star in the crest represents the magnetic north pole (which, as far as I can tell, is now somewhere between Nunavut and the NWT), and rests between two narwhals (local fauna).

The other emblems of the NWT can be found here or here.