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$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Activision Blizzard Inc CS 00507V109 13,456 226,463 SH   SOLE   13,456 0 0
Alphabet Inc. Class A CS 02079K305 573 428 SH   SOLE   573 0 0
Alphabet Inc. Class C CS 02079K107 28,313 21,176 SH   SOLE   28,313 0 0
Amazon Com Inc CS 023135106 16,819 9,102 SH   SOLE   16,819 0 0
American Tower Corp CS 03027X100 11,270 49,037 SH   SOLE   11,270 0 0
Apple Inc. CS 037833100 46,993 160,032 SH   SOLE   46,993 0 0
Bank of Montreal CS 063671101 1,373 17,717 SH   SOLE   1,373 0 0
Bank of Nova Scotia CS 064149107 12,951 229,357 SH   SOLE   12,951 0 0
BCE Inc. CS 05534B760 14,874 321,176 SH   SOLE   14,874 0 0
Becton Dickinson and Co CS 075887109 22,283 81,931 SH   SOLE   22,283 0 0
Berkshire Hathaway B CS 084670702 21,984 97,061 SH   SOLE   21,984 0 0
Blackrock Inc CS 09247X101 14,886 29,612 SH   SOLE   14,886 0 0
Brookfield Asset Management CS 112585104 31,801 550,586 SH   SOLE   31,801 0 0
Brookfield Infrast. Partners LP C$ CS G16252101 23,635 473,373 SH   SOLE   23,635 0 0
Canadian Imperial Bank of Commerce CS 136069101 375 4,511 SH   SOLE   375 0 0
Canadian National Railway CS 136375102 14,299 158,120 SH   SOLE   14,299 0 0
Delta Air Lines Inc. CS 247361702 13,827 236,440 SH   SOLE   13,827 0 0
Disney (Walt) Co CS 254687106 23,844 164,864 SH   SOLE   23,844 0 0
Domino's Pizza, Inc. CS 25754A201 15,644 53,252 SH   SOLE   15,644 0 0
Facebook Inc CS 30303M102 17,042 83,030 SH   SOLE   17,042 0 0
Ferrari N.V. CS N3167Y103 17,472 105,544 SH   SOLE   17,472 0 0
FirstService Corp CS 33767E202 20,436 219,595 SH   SOLE   20,436 0 0
Fortis Inc. CS 349553107 3,060 73,781 SH   SOLE   3,060 0 0
Hyatt Hotels Corp Class A CS 448579102 19,339 215,577 SH   SOLE   19,339 0 0
IAA Inc CS 449253103 15,722 334,080 SH   SOLE   15,722 0 0
JP Morgan Chase & Co CS 46625H100 26,227 188,141 SH   SOLE   26,227 0 0
Live Nation Entertainment Inc CS 538034109 23,451 328,126 SH   SOLE   23,451 0 0
Markel Corp. Holding CS 570535104 12,386 10,835 SH   SOLE   12,386 0 0
Mastercard Inc Class A CS 57636Q104 331 1,108 SH   SOLE   331 0 0
Mei Pharma Inc CS 55279B202 25 10,000 SH   SOLE   25 0 0
Microsoft Corp. CS 594918104 29,823 189,110 SH   SOLE   29,823 0 0
Moody's Corp CS 615369105 23,701 99,833 SH   SOLE   23,701 0 0
Pembina Pipeline Corp CS 706327103 10,162 274,261 SH   SOLE   10,162 0 0
Rogers Communications Inc. Cls B CS 775109200 16,314 328,666 SH   SOLE   16,314 0 0
Royal Bank of Canada CS 780087102 6,479 81,912 SH   SOLE   6,479 0 0
TC Energy Corp. CS 87807B107 10,910 204,921 SH   SOLE   10,910 0 0
Telus Corp. CS 87971M103 10,069 260,139 SH   SOLE   10,069 0 0
TJX Companies Inc CS 872540109 244 4,000 SH   SOLE   244 0 0
Toronto Dominion Bank CS 891160509 16,563 295,421 SH   SOLE   16,563 0 0
Vail Resorts Inc CS 91879Q109 17,089 71,255 SH   SOLE   17,089 0 0
Vanguard Short-Term Corporate Bond ETF CS 92206C409 292 3,605 SH   SOLE   292 0 0
Visa Inc. Cls A CS 92826C839 30,309 161,306 SH   SOLE   30,309 0 0
Waste Connections Inc C$ CS 94106B101 24,166 266,151 SH   SOLE   24,166 0 0