It takes far more than dropping a titanium canister to claim a tract of land or a body of water. It all comes down to who has the most real control over the area, which, unfortunately, Canada does not have very much of...for now.
Currently, the area is patrolled by the Canadian Rangers, although, they are only a militia equipped with small arms. Canadian plans includ naval vessels for the north as well as a deep-water port.
Personally, I think that Canada and Russia have, by far, the strongest claims to the north pole, although this is secondary to the real issue: that of the Northwest passage.
Challenges to Canadian legitimacy in the north have been both somewhat well-concieved as well as downright land-grabbing. Attempts to control the Northwest passage by claiming it is outside of Canadian territory can really be defeated just by looking at a map:
While parts of the route lie close to Alaska and Ellismere Island (which the Danes have challenged, but lies within Canadian territory), most of it is undeniably within Canadian waters between Canadian islands.
With Russia becoming more aggressive in world affairs, opefully the US will do the logical thing and back the Canadian claims to the north.
Jam it back in, in the dark.