UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. Initial )*
IPSCO INC.
(Name of Issuer)
COMMON SHARES
(Title of Class of Securities)
462622101
(CUSIP Number)
HAROLD P. HANDS, EXECUTIVE VICE PRESIDENT, LEGAL
MACKENZIE FINANCIAL CORPORATION
150 BLOOR STREET WEST, SUITE M111,
TORONTO, ONTARIO M5S 3B5
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
AUGUST 14, 1996
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-
1(b) (3) or (4), check the following box [ X ].
Check the following box if a fee is being paid with the statement
[ X ]. (A fee is not required only if the reporting person: (1)
has a previous statement on file reporting beneficial ownership
of more than five percent of the class of securities described in
Item 1; and (2) has filed no amendment subsequent thereto
reporting beneficial ownership of five percent or less of such
class). (See Rule 13d-7).
Note: Six copies of this statement, including all exhibits,
should be filed with the Commission. See Rule 13d-1(a) for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in
a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ivy Canadian Fund, by its Investment Advisor,
Mackenzie Financial Corporation
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [ ]
(b) [ x ]
3. SEC USE ONLY
4. SOURCE OF FUNDS
Internal, Investment Company Assets
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(E) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Toronto, Ontario, Canada
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON
WITH:
7. SOLE VOTING POWER
1,397,900 Shares (through investment advisor, Mackenzie
Financial Corporation
8. SHARED VOTING POWER
NIL
9. SOLE DISPOSITIVE POWER
1,397,900 Shares (through investment advisor, Mackenzie
Financial Corporation
10. SHARED DISPOSITIVE POWER
NIL
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,397,900 Shares
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES. * [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.2%
14. TYPE OF REPORTING PERSON *
IC - Unregistered Investment Company (Canadian Mutual
Fund Trust)
<PAGE>
Item 1 Security and Issuer
Common Shares
Ipsco Inc.
P.O. Box 1670
Regina, Saskatchewan
S4P 3C7
Item 2 IDENTITY AND BACKGROUND
Item 2(a) Name
Ivy Canadian Fund
Item 2(b) Business Address
150 Bloor Street West, Suite M111
Toronto, Ontario, Canada M5S 3B5
Item 2(c) Principle Business
Canadian Mutual Fund Trust
Item 2(d) Criminal Convictions: Nil
Item 2(e) Civil Proceedings: Nil
Item 2(f) Citizenship
N/A
Item 3 Source and Amount of Funds or Other Consideration
Purchase price paid from internal source - net assets
of Canadian mutual fund trust.
Item 4 Purpose of Transaction
The purpose of the transactions reported on this Form
Schedule 13D is investment. The reporting entity has
acquired the securities in the ordinary course of
business and not with the purpose nor with the effect
of changing or influencing the control of the issuer,
nor in connection with or as participant in any
transaction having such purpose or effect, including
any transaction subject to Rule 13d-3(b) under the
Securities and Exchange Act of 1934, as amended.
Item 5 INTEREST IN SECURITIES OF THE ISSUER
Item 5(a) Aggregate Number and Percentage of Shares Beneficially
Owned
1,397,900 shares, 5.2%.
Item 5(b) Number of Shares as to which such person has:
(i) Sole power to vote or direct the vote:
1,397,900 shares through Investment Adviser,
(Mackenzie Financial Corp.)
(ii) Shared power to vote or direct the vote: NIL
(iii) Sole power to dispose or direct the disposition:
1,397,900 shares through Investment Adviser,
(Mackenzie Financial Corp.)
(iv) Shared power to dispose or direct the disposition:
NIL
Item 5(c) Transactions
(i) Transaction effected by:
Ivy Canadian Fund
(ii) Date:
August 14, 1996
(iii) Amount:
90,000 Shares
(iv) Price per share
$30.00
(v) Where and how transaction effected Market
Transaction
Item 5(d) Other Interests
Nil
Item 5(e) Date on which reporting person ceased to be beneficial
owner of more than 5%
N/A
Item 6 Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer
N/A
Item 7 Material to be Filed as Exhibits
N/A
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this statement is true, complete and
correct.
Harold P. Hands August 22, 1996
Executive Vice President, Legal
