Canada Iceland Foundation was created as a charitable body by a group of community leaders and organizations in the Icelandic Canadian Community in the late 1940s to fulfill the need for a funding charity to support non-profit cultural and scholarship activities of our community, aside from the organizations that seek funding for their own specific undertakings.  In 1985, the unincorporated Foundation was turned into a charitable corporation.  Over the years, many families have memorialized family members with the establishment of scholarship funds in their names.  This process is ongoing and the Foundation has been fortunate as well, to be remembered in the wills of members of the Icelandic Canadian community.

Together with members at large, the Board of the Foundation consists of representatives of various community organizations including the Icelandic Festival of Manitoba, Icelandic Canadian Frón, Lögberg-Heimskringla, the Icelandic National League of North America, the Icelandic Collection, University of Manitoba Libraries and the Chair of the Department of Icelandic Language and Literature of the University of Manitoba.

Canada Iceland Foundation has been in existence for over 50 years.  It is a registered charity and over the years has received gifts from individuals and estates.

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