Concept:
Hunting and gathering are the earliest forms of human economic activity. However, the reason is incorrect because Northern Canada lies in high latitudes, not low latitudes.
Step 1: Evaluate Assertion (A).
Gathering and hunting are the oldest economic activities of humankind.
\[
\boxed{\text{Assertion (A) is True}}
\]
Step 2: Evaluate Reason (R).
Northern Canada is situated in the high-latitude region.
\[
\boxed{\text{Reason (R) is False}}
\]
Hence,
\[
\boxed{\text{(C)}}
\]