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
Algonquin Power and Utilities CS 015857105 112,409 11,358 SH   SOLE   11,358 0 0
Alphabet Inc. Class A CS 02079K305 371 358 SH   SOLE   358 0 0
Alphabet Inc. Class C CS 02079K107 22,282 21,595 SH   SOLE   21,595 0 0
Amazon Com Inc CS 023135106 282 195 SH   SOLE   195 0 0
Apple Inc. CS 037833100 27,223 162,257 SH   SOLE   162,257 0 0
Bank of Montreal CS 063671101 1,759 23,325 SH   SOLE   23,325 0 0
Bank of Nova Scotia CS 064149107 16,481 267,964 SH   SOLE   267,964 0 0
BCE Inc. CS 05534B760 15,083 351,045 SH   SOLE   351,045 0 0
Becton Dickinson and Company CS 075887109 14,320 66,081 SH   SOLE   66,081 0 0
Berkshire Hathaway B CS 084670702 18,119 90,833 SH   SOLE   90,833 0 0
Blackrock Inc CS 09247X101 9,389 17,331 SH   SOLE   17,331 0 0
Booking Holdings Inc. CS 09857L108 15,191 7,302 SH   SOLE   7,302 0 0
Brookfield Asset Management CS 112585104 20,452 525,475 SH   SOLE   525,475 0 0
Brookfield Infrast. Partners LP CS G16252101 19,757 476,238 SH   SOLE   476,238 0 0
Canadian Imperial Bank of Commerce CS 136069101 412 4,675 SH   SOLE   4,675 0 0
Canadian National Railway CS 136375102 782 10,712 SH   SOLE   10,712 0 0
Delta Air Lines Inc. CS 247361702 9,603 175,200 SH   SOLE   175,200 0 0
Disney (Walt) Co CS 254687106 13,716 136,561 SH   SOLE   136,561 0 0
Dr Pepper Snapple Group CS 26138E109 7,510 63,443 SH   SOLE   63,443 0 0
Enbridge Inc. CS 29250N105 110 3,513 SH   SOLE   3,513 0 0
Facebook Inc CS 30303M102 10,965 68,624 SH   SOLE   68,624 0 0
Ferrari N.V. CS N3167Y103 7,503 62,254 SH   SOLE   62,254 0 0
FirstService Corp CS 33767E103 12,709 173,695 SH   SOLE   173,695 0 0
Fortis Inc. CS 349553107 1,347 39,951 SH   SOLE   39,951 0 0
General Mills Inc. CS 370334104 181 4,015 SH   SOLE   4,015 0 0
General Motors Company CS 37045V100 11,506 316,633 SH   SOLE   316,633 0 0
Goldman Sachs Group Inc CS 38141G104 11,474 45,557 SH   SOLE   45,557 0 0
JP Morgan Chase & Co. CS 46625H100 19,208 174,664 SH   SOLE   174,664 0 0
KAR Auction Services Inc CS 48238T109 7,915 146,031 SH   SOLE   146,031 0 0
Korn/Ferry International CS 500643200 6,537 126,707 SH   SOLE   126,707 0 0
Live Nation Entertainment Inc CS 538034109 14,195 336,861 SH   SOLE   336,861 0 0
Magna International Cl A CS 559222401 15,408 273,964 SH   SOLE   273,964 0 0
Markel Corp. Holding CS 570535104 426 364 SH   SOLE   364 0 0
Microsoft Corp. CS 594918104 17,240 188,892 SH   SOLE   188,892 0 0
Molson Coors Brewing Cls. B CS 608711206 257 3,250 SH   SOLE   3,250 0 0
Molson Coors Brewing Cls. B U$ CS 60871R209 7,985 106,005 SH   SOLE   106,005 0 0
Moody's Corp CS 615369105 14,369 89,080 SH   SOLE   89,080 0 0
Neenah Paper CS 640079109 8,607 109,780 SH   SOLE   109,780 0 0
Oracle CS 68389X105 11,635 254,325 SH   SOLE   254,325 0 0
Pembina Pipeline Corp CS 706327103 8,614 276,473 SH   SOLE   276,473 0 0
Rogers Communications Inc. Cls B CS 775109200 14,174 317,852 SH   SOLE   317,852 0 0
Royal Bank of Canada CS 780087102 6,959 90,228 SH   SOLE   90,228 0 0
Telus Corp (Non-CDN) CS 87971M996 274 7,817 SH   SOLE   7,817 0 0
Telus Corp. CS 87971M103 9,454 269,642 SH   SOLE   269,642 0 0
Toronto Dominion Bank CS 891160509 16,353 288,603 SH   SOLE   288,603 0 0
TransCanada Corp. CS 89353D107 9,088 220,080 SH   SOLE   220,080 0 0
Vail Resorts Inc CS 91879Q109 11,780 53,134 SH   SOLE   53,134 0 0
Vanguard FTSE All-World ex-US ETF CS 922042775 5,468 100,571 SH   SOLE   100,571 0 0
Visa Inc. Cls A CS 92826C839 17,592 147,064 SH   SOLE   147,064 0 0
Waste Connections Inc CS 94106B101 17,326 241,837 SH   SOLE   241,837 0 0
Wells Fargo Co. CS 949746101 63 1,200 SH   SOLE   1,200 0 0
Zimmer Biomet Holdings Inc CS 98956P102 11,181 102,540 SH   SOLE   102,540 0 0