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 11,562 218,480 SH   SOLE   11,562 0 0
Alphabet Inc. Class A CS 02079K305 523 428 SH   SOLE   523 0 0
Alphabet Inc. Class C CS 02079K107 26,052 21,372 SH   SOLE   26,052 0 0
Amazon Com Inc CS 023135106 15,028 8,657 SH   SOLE   15,028 0 0
American Tower Corp CS 03027X100 2,413 10,910 SH   SOLE   2,413 0 0
Apple Inc. CS 037833100 35,881 160,204 SH   SOLE   35,881 0 0
Bank of Montreal CS 063671101 1,301 17,662 SH   SOLE   1,301 0 0
Bank of Nova Scotia CS 064149107 13,561 238,728 SH   SOLE   13,561 0 0
BCE Inc. CS 05534B760 15,848 327,613 SH   SOLE   15,848 0 0
Becton Dickinson and Co CS 075887109 20,058 79,293 SH   SOLE   20,058 0 0
Berkshire Hathaway B CS 084670702 19,949 95,900 SH   SOLE   19,949 0 0
Blackrock Inc CS 09247X101 12,585 28,240 SH   SOLE   12,585 0 0
Brookfield Asset Management CS 112585104 29,231 550,426 SH   SOLE   29,231 0 0
Brookfield Infrast. Partners LP CS G16252101 23,603 476,635 SH   SOLE   23,603 0 0
Canadian Imperial Bank of Commerce CS 136069101 377 4,571 SH   SOLE   377 0 0
Canadian National Railway CS 136375102 13,639 151,885 SH   SOLE   13,639 0 0
Delta Air Lines Inc. CS 247361702 12,937 224,606 SH   SOLE   12,937 0 0
Disney (Walt) Co CS 254687106 20,884 160,254 SH   SOLE   20,884 0 0
Domino's Pizza, Inc. CS 25754A201 12,708 51,957 SH   SOLE   12,708 0 0
Facebook Inc CS 30303M102 14,662 82,332 SH   SOLE   14,662 0 0
Ferrari N.V. CS N3167Y103 15,973 103,661 SH   SOLE   15,973 0 0
FirstService Corp CS 33767E202 20,816 203,010 SH   SOLE   20,816 0 0
Fortis Inc. CS 349553107 2,622 62,011 SH   SOLE   2,622 0 0
Hyatt Hotels Corp Class A CS 448579102 15,432 209,472 SH   SOLE   15,432 0 0
IAA Inc CS 449253103 13,258 317,715 SH   SOLE   13,258 0 0
JP Morgan Chase & Co CS 46625H100 22,145 188,167 SH   SOLE   22,145 0 0
Live Nation Entertainment Inc CS 538034109 21,398 322,552 SH   SOLE   21,398 0 0
Markel Corp. Holding CS 570535104 12,528 10,600 SH   SOLE   12,528 0 0
Mastercard Inc Class A CS 57636Q104 301 1,108 SH   SOLE   301 0 0
Mei Pharma Inc CS 55279B202 17 10,000 SH   SOLE   17 0 0
Microsoft Corp. CS 594918104 26,232 188,679 SH   SOLE   26,232 0 0
Moody's Corp CS 615369105 20,093 98,098 SH   SOLE   20,093 0 0
Pembina Pipeline Corp CS 706327103 10,309 278,066 SH   SOLE   10,309 0 0
Rogers Communications Inc. Cls B CS 775109200 15,905 326,495 SH   SOLE   15,905 0 0
Royal Bank of Canada CS 780087102 6,723 82,870 SH   SOLE   6,723 0 0
TC Energy Corp. CS 87807B107 10,903 210,533 SH   SOLE   10,903 0 0
Telus Corp. CS 87971M103 9,283 260,799 SH   SOLE   9,283 0 0
TJX Companies Inc CS 872540109 223 4,000 SH   SOLE   223 0 0
Toronto Dominion Bank CS 891160509 17,172 294,474 SH   SOLE   17,172 0 0
Vail Resorts Inc CS 91879Q109 15,328 67,359 SH   SOLE   15,328 0 0
Visa Inc. Cls A CS 92826C839 27,387 159,215 SH   SOLE   27,387 0 0
Waste Connections Inc C$ CS 94106B101 23,934 260,496 SH   SOLE   23,934 0 0