Close to the mainland of Canada, it is large, forested, and has a solid water supply. There don't seem to be any restrictions on foreign ownership of islands.
A large area - can have 600 acres useful for agriculture. The two lakes and fresh water sources means a small scale hydro electric plant can be setup, not for all needs, but certainly enough power to run the construction machines.
Winters will be long and harsh. Each household will have to put back a considerable supply of food each year. That means an agrarian lifestyle. Serious gardening at the family level.
Large scale livestock is probably out of the question. Not enough cleared land to put in hay for the winter months. But smaller scale animal husbandry should work. Goats, rabbits, etc. (Quoted from.)