In 2006, the community was renamed, "Ulukhaktok", the traditional Kangiryuarmiutun name for the area, which means "the place where ulu parts are found", or "a large bluff where we used to collect raw material to make ulus". The large bluff that overlooks Ulukhaktok was the source that provided the slate and copper used to make ulus and give the community its name. Thus, the people who live there are called "Ulukhaktokmiut" ("people of"). Ulukhaktokmiut is a recent word as no people actually lived permanently in this area until the opening of the Hudson's Bay Company store, although people did visit the area to obtain the ulu materials and camp en route to other nomadic seasonal camp areas.