Arctic Bay received a report of human remains being found on shore on Aug. 2 at approximately 4:17 p.m.
The discovery was made behind a residence in the 200 block of town.
Police went to the location and were able to retrieve the body.
Officers determined that the remains were those of a 14-year-old boy reported missing on June 30.
The Mounties stated on Aug. 5 that the family of the deceased has been advised of this development.
Police and the Nunavut Coroner's Office are still investigating.
This is the second such incidence in the past few weeks. The remains of a missing 11-year-old boy in Kugluktuk were found on July 15.