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Here's the world ship tracker. http://www.shiptraffic.net/marine-traffic/bays/Ungava_Bay

View attachment 591926

Nothing with a transponder in the Arctic beyond Greenland's shores and the North Sea today whatsoever. We clearly have a long way to go before we can justify railways to the north.
Not sure what app you are using, or options you have selected, but here is what I get. Not a massive amount of traffic, but not the barren wasteland your map shows.
IMG_6752.jpeg
 
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If Quebec natural resources are appropriately located, the line from Schefferville, QC could be extended to Kangiqsualujjuaq, where a port could be constructed to serve vessels in the Ungava Bay.
Wouldn't it be shorter, and likely much cheaper (with roads already in place), to build a port near Goose Bay? Which is a very natural harbour and protected bay.

The bigger issue is the almost as long gap along the North Shore.

But really - why wouldn't you just build the proposed large port east of Quebec City
 

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