The current late Paleozoic stratigraphic system of the Sverdrup Basin fails to acknowledge the presence of a major unconformity-bounded sequence, one that is mostly Artinskian (Early Permian) in age and consists of three distinctive mappable lithostratigraphic units. These strata have previously been assigned to different sequences and to various lithostratigraphic units. This problem is solved with the erection of three new formations: the Raanes, Great Bear Cape and Trappers Cove formations. The Raanes Formation consists of generally recessive shale, siltstone, moderately fossiliferous, argillaceous and silty limestone, mixed elastic-carbonate, and fossiliferous limestone (mixed ramp, graben fill and horst blanket) that overlies the Nansen and correlative formations. The Great Bear Cape Formation comprises resistant, pure to locally sandy, variably cherty, highly fossiliferous limestone (shelf, shelf-edge and upper slope) that overlies either the Raanes or the Trappers Cove formations. The Trappers Cove Formation is composed of dark-grey to black siliceous shale and spiculitic chert and minor yellowish-weathering fossiliferous limestone (middle to lower slope, basin) correlative with the Great Bear Cape and the Raanes formations. These three formations are of Artinskian (Lower Permian) age; strata contained in the upper part of the Great Bear Cape and Trappers Cove formations are latest Artinskian to early Kungurian age. Five conodont zones are here formally defined and documented for the first time in the Canadian Arctic based on material recovered from various sections, including the type-sections of the new formations. The five zones, which are correlated with stratotype sequences in Russia, include: 1) Zone P6a: Neogondolella bisseli-Adetognathus paralautus Partial Range Zone (lower Aktastinian); 2) Zone P6b: Sweetognathus inornatus-Adetognathus paralautus Concurrent Range Zone (upper Aktastinian); 3) Zone P7: Neogondolella bisselli-Sweetognathus whitei Partial Range Zone (lower Baigendzhinian); 4) Zone P8: Neostreptognathodus pequopensis-N. clarki Concurrent Range Zone (lower Baigendzhinian); and 5) Zone P9: Neostreptognathodus prayi-N. ruzhencevi Concurrent Range Zone (upper Baigendzhinian to Kungurian). The Raanes, Great Bear Cape and Trappers Cove formations form the bulk of a low-order unconformity-bounded transgressive-regressive (T-R) sequence of the Sverdrup Basin. This sequence of latest Sakmarian-Late Artinskian age is represented by the uppermost Nansen and correlative formations, by the entire Raanes Formation, and by the greater part of the Great Bear Cape and Trappers Cove formations. The latter two formations also contain strata belonging to an overlying latest Artinskian-Kungurian sequence. The transgressive part of the latest Sakmarian-Late Artinskian sequence is recorded in the uppermost Nansen and correlative formations, in the Raanes Formation, and locally in the basal part of the Great Bear Cape Formation. The regressive part of the sequence is contained in the Great Bear Cape and correlative Trappers Cove formations. The Raanes-Great Bear Cape contact closely corresponds with the maximum flooding surface, which coincides with a major tectono-climatic event in the Sverdrup Basin. Rocks below that surface were deposited in a semiarid tropical setting during a phase of active tectonism; rocks above that surface accumulated in a much cooler temperate setting at a time of passive regional subsidence.