Before Meal

In Japan, we usually say "Itadaki-masu." before eating meal.
This traditional phase is translated in a web-based dictionary, "Let's eat." But I noticed that there is deeper meaning in this word. The first phase of this word comes from the verb, "itadaku" which means "I'll take it." Then, by this way, the phrase can be translated like, "Thank god, we'll take it."
Since I came to Canada, I've lost this tradition, but now I want to start saying again.