Robbie Robertson of The Band declared that Lightfoot was one of his "favourite Canadian songwriters and is absolutely a national treasure." Bob Dylan, also a Lightfoot fan, called him one of his favourite songwriters, and in an often-quoted tribute to his fellow songwriter, Dylan once observed that when he heard a Gordon Lightfoot song he wished "it would last forever."
Lightfoot was a featured musical performer at the opening ceremonies of the 1988 Winter Olympic Games in Calgary, Alberta. He received an honorary Doctor of Laws degree (arts) in 1979 and the Companion of the Order of Canada—Canada's highest civilian honor—in 2003. On February 6, 2012, Lightfoot was presented with the Queen Elizabeth II Diamond Jubilee Medal by the Lieutenant Governor of Ontario. In June of that same year he was inducted into the Songwriters Hall of Fame.
Lightfoot died at Sunnybrook Health Sciences Centre in Toronto on May 1, 2023, at the age of 84. His declining health had caused him to cancel his tour three weeks earlier.
