The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Activision Blizzard Inc CS 00507V109 7,061 151,629 SH   SOLE   7,061 0 0
Alphabet Inc. Class A CS 02079K305 438 419 SH   SOLE   438 0 0
Alphabet Inc. Class C CS 02079K107 21,917 21,163 SH   SOLE   21,917 0 0
Apple Inc. CS 037833100 25,134 159,340 SH   SOLE   25,134 0 0
Bank of Montreal CS 063671101 1,378 21,087 SH   SOLE   1,378 0 0
Bank of Nova Scotia CS 064149107 13,518 271,123 SH   SOLE   13,518 0 0
BCE Inc. CS 05534B760 13,654 345,550 SH   SOLE   13,654 0 0
Becton Dickinson CS 075887109 15,713 69,735 SH   SOLE   15,713 0 0
Berkshire Hathaway B CS 084670702 18,266 89,460 SH   SOLE   18,266 0 0
Blackrock Inc CS 09247X101 8,554 21,775 SH   SOLE   8,554 0 0
Booking Holdings Inc. CS 09857L108 13,206 7,667 SH   SOLE   13,206 0 0
Brookfield Asset Management CS 112585104 20,046 522,913 SH   SOLE   20,046 0 0
Brookfield Infrast. Partners LP CS G16252101 16,563 479,425 SH   SOLE   16,563 0 0
Canadian Imperial Bank of Commerce CS 136069101 393 5,275 SH   SOLE   393 0 0
Canadian National Railway CS 136375102 907 12,249 SH   SOLE   907 0 0
Delta Air Lines Inc. CS 247361702 9,454 189,468 SH   SOLE   9,454 0 0
Disney (Walt) CS 254687106 15,969 145,633 SH   SOLE   15,969 0 0
Facebook Inc CS 30303M102 10,306 78,616 SH   SOLE   10,306 0 0
Ferrari N.V. CS N3167Y103 8,471 85,183 SH   SOLE   8,471 0 0
FirstService Corp CS 33767E103 12,552 182,852 SH   SOLE   12,552 0 0
Goldman Sachs Group Inc CS 38141G104 7,507 44,936 SH   SOLE   7,507 0 0
Hyatt Hotels Corp Class A CS 448579102 11,700 173,084 SH   SOLE   11,700 0 0
JP Morgan Chase CS 46625H100 17,122 175,391 SH   SOLE   17,122 0 0
Korn/Ferry International CS 500643200 5,488 138,796 SH   SOLE   5,488 0 0
Live Nation Entertainment Inc CS 538034109 16,154 327,995 SH   SOLE   16,154 0 0
Magna International Cl A CS 559222401 12,329 271,522 SH   SOLE   12,329 0 0
Markel Corp. Holding CS 570535104 9,582 9,231 SH   SOLE   9,582 0 0
Mei Pharma Inc CS 55279B202 53 20,000 SH   SOLE   53 0 0
Microsoft Corp. CS 594918104 18,394 181,092 SH   SOLE   18,394 0 0
Moody's Corp CS 615369105 12,995 92,795 SH   SOLE   12,995 0 0
Neenah Paper CS 640079109 5,858 99,424 SH   SOLE   5,858 0 0
Pembina Pipeline Corp CS 706327103 8,334 280,768 SH   SOLE   8,334 0 0
Rogers Communications Inc. Cls B CS 775109200 16,313 318,232 SH   SOLE   16,313 0 0
Royal Bank of Canada CS 780087102 5,685 83,041 SH   SOLE   5,685 0 0
Telus Corp. CS 87971M103 8,851 266,971 SH   SOLE   8,851 0 0
Toronto Dominion Bank CS 891160509 14,207 285,733 SH   SOLE   14,207 0 0
TransCanada Corp. CS 89353D107 7,877 220,534 SH   SOLE   7,877 0 0
Vail Resorts Inc CS 91879Q109 11,268 53,447 SH   SOLE   11,268 0 0
Vanguard FTSE All-World ex-US ETF CS 922042775 5,326 116,852 SH   SOLE   5,326 0 0
Visa Inc. Cls A CS 92826C839 19,590 148,473 SH   SOLE   19,590 0 0
Waste Connections Inc CS 94106B101 18,077 243,481 SH   SOLE   18,077 0 0