SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934

For the month of December, 2003

Boardwalk Equities Inc.

Suite 200, 1501 – 1 Street S.W.
Calgary, Alberta, Canada T2R 0W1

(address of principal executive offices)

Commission File Number: 1-15162

[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.]


Form 20-F o		Form 40-F þ

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]


Yes o		No þ

[If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ]

TABLE OF CONTENTS


DOCUMENTS FURNISHED HEREUNDER:
SIGNATURES
CHANGES IN CAPITAL STRUCTURE OF LISTED COMPANIES
Exercise Recap Report with Taxable Comp.
Cancellation Recap Report
Cancellation Recap Report

DOCUMENTS FURNISHED HEREUNDER:

Toronto Stock Exchange Changes in Capital Structure of Listed Companies (Employee Stock Options and Stock Purchase Plans, Options for Services and Related Matters), together with detailed listing of specific options issued, cancelled or exercised, with respect to optionholders of the registrant for the month of December, 2003.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	BOARDWALK EQUITIES INC.



January 6, 2004	By:	“Roberto Geremia” Roberto Geremia Vice-President Finance and Chief Financial Officer


CHANGES IN CAPITAL STRUCTURE OF LISTED COMPANIES Employee Stock Options and Stock Purchase Plans, Options for Services and Related Matters		TSE Toronto Stock Exchange


Company Name:		Boardwalk Equities Inc.
Stock Symbol:		BEI
For Month Ending:		December 31, 2003
Date Prepared:		January 6, 2004
Company Contact:		Stuart M. Olley

Outstanding Stock Options Summary

Stock Options Outstanding — Opening Balance

2,619,793

Options Granted:

(Add)

Date of Grant

Name

Expiry Date

Price

Number

None

Subtotal

Options Exercised:

(Subtract)

Date

Name

Date of Grant

Price

Number

As per attached

171,565

Subtotal

Options Cancelled:

(Subtract)

Date

Name

Date of Grant

Price

Number

As per attached

49,400

Subtotal

Closing Stock Option Plan Balance

2,398,828

Shares Reserved for Share Compensation Arrangements

Opening Reserve Balance

Additional Listing Under Plan (Add)

Stock Options Exercised (Subtract)

Closing Reserve Balance

Issued and Outstanding Share Capital Summary

Reason for Increase or Reduction

Issued and Outstanding — Opening Balance

50,696,554

Stock Options Exercised

171,565

Share Purchase Plan

Nil

Warrants — No Warrants held in Calgary

Nil

Private Placement

Nil

Issuer Bid Cancellation

Nil

Closing Issued Capital Balance

50,877,430

The Exchange Tower
130 King Street West, 3rd Floor
Toronto, Ontario
M5X 1J2 Fax (416) 947-4547


Exercise Recap Report with Taxable Comp.	Boardwalk Equities Inc.

From 12/1/2003 to 12/31/2003 Entered from / / to / /


Name/Optionee ID	Grant		Exercise		Options		Option		Exercise		Aggregate		Taxable
	Date		Date		Exercised		Price		Price		Option Cost		Compensation

Plan: Boardwalk Equities Inc. 10 YR.

Doug D. Biggs		3/9/1999		12/2/2003		1,300	$	12.700000	$	17.750000	$	16,510.00		6,565.00
SSN ###-##-####

Chanda F. Mitchell		3/4/2000		12/2/2003		1,800	$	15.230000	$	17.750000	$	27,414.00		4,536.00
SSN ###-##-####

Robert T. Squires		6/10/1999		12/2/2003		2,400	$	15.790000	$	17.750000	$	37,896.00		4,704.00
SSN ###-##-####

Michael Simon		11/24/1998		12/3/2003		2,000	$	16.730000	$	17.680000	$	33,460.00		1,900.00
SSN ###-##-####

Paul H. Moon		3/4/1999		12/4/2003		3,000	$	12.830000	$	17.610000	$	38,490.00		14,340.00
SSN ###-##-####

Roberto Geremia		11/24/1999		12/8/2003		66,100	$	9.110000	$	17.750000	$	602,171.00		571,104.00
SSN ###-##-####

Manjeet S. Dhillon		3/24/2000		12/9/2003		4,000	$	15.230000	$	17.820000	$	15,230.00		2,590.00
SSN ###-##-####

Manjeet S. Dhillon		9/3/1999		12/9/2003		44,000	$	14.050000	$	17.820000	$	618,200.00		165,880.00
SSN ###-##-####

Manjeet S. Dhillon		10/12/2000		12/9/2003		4,000	$	11.800000	$	17.820000	$	47,200.00		24,080.00
SSN ###-##-####

Judy Perkin		3/24/2000		12/9/2003		1,800	$	15.230000	$	17.820000	$	27,414.00		4,662.00
SSN ###-##-####

Felix C. Sanfelices		9/3/1999		12/10/2003		800	$	14.050000	$	17.750000	$	11,240.00		2,960.00
SSN ###-##-####

Mark A. Sewell		6/10/1999		12/10/2003		1,600	$	15.790000	$	17.750000	$	25,264.00		3,136.00
SSN ###-##-####

Helen M. Mix		10/12/2000		12/12/2003		3,000	$	11.800000	$	17.940000	$	35,400.00		18,420.00
SSN ###-##-####

Helen M. Mix		9/3/1999		12/2/2003		2,400	$	14.05000	$	17.940000	$	33,720.00		9,336.00
SSN ###-##-####

Vicki L. Parker		5/11/1999		12/12/2003		2,400	$	14.780000	$	17.940000	$	35,472.00		7,584.00
SSN ###-##-####


Exercise Recap Report with Taxable Comp.	Boardwalk Equities Inc.

From 12/1/2003 to 12/31/2003 Entered from / / to / /


Name/Optionee ID	Grant		Exercise		Options		Option		Exercise		Aggregate		Taxable
	Date		Date		Exercised		Price		Price		Option Cost		Compensation


Luis A. Ventura		3/24/2000		12/12/2003		1,200	$	15.230000	$	17.940000	$	18,276.00		3,252.00
SSN ###-##-####

Doug D. Biggs		3/9/1999		12/15/2003		14,700	$	12.700000	$	18.000000	$	186,690.00		77,910.00
SSN ###-##-####

Sharon J. Friesen		5/11/1999		12/16/2003		2,400	$	14.780000	$	17.920000	$	35,472.00		7,536.00
SSN ###-##-####

Antonio Rino		1/13/2000		12/16/2003		1,200	$	12.520000	$	17.920000	$	15,024.00		6,480.00
SSN ###-##-####

Belinda Seckinger		3/24/2000		12/16/2003		1,800	$	15.230000	$	17.920000	$	27,414.00		4,842.00
SSN 625-00-2019

Yvette (Vicky) Ayotte		4/9/1999		12/18/2003		2,400	$	12.270000	$	17.800000	$	29,448.00		13,272.00
SSN ###-##-####

Yvette (Vicky) Ayotte		9/3/1999		12/18/2003		1,777	$	14.050000	$	17.800000	$	24,966.85		6,663.75
SSN ###-##-####

Lizaine S. Wheeler		9/3/1999		12/18/2003		288	$	14.050000	$	17.800000	$	4,046.40		1,080.00
SSN ###-##-####

Troy S. Nickolel		9/3/1999		12/22/2003		1,600	$	14.050000	$	17.600000	$	22,480.00		5,680.00
SSN ###-##-####

Kevin B. Perry		12/20/1999		12/23/2003		1,000	$	10.500000	$	17.530000	$	10,500.00		7,030.00
SSN ###-##-####

Sean P. Sweetnam		7/7/1999		12/23/2003		1,600	$	14.960000	$	17.530000	$	23,936.00		4,112.00
SSN ###-##-####

Kerilyn J. Anweiler		7/7/1999		12/30/2003		1,600	$	14.960000	$	17.950000	$	23,936.00		4,784.00
SSN ###-##-####

Renato L. Saban		7/7/1999		12/30/2003		1,600	$	14.960000	$	17.950000	$	23,936.00		4,784.00
SSN ###-##-####

David W. Wu		12/20/1999		12/30/2003		800	$	10.500000	$	17.950000	$	8,400.00		5,960.00
SSN ###-##-####

Plan Totals						171,565						2,059,606.25		995,182.75


Exercise Recap Report with Taxable Comp.	Boardwalk Equities Inc.

From 12/1/2003 to 12/31/2003 Entered from / / to / /

Name/Optionee ID

Grant

Exercise

Options

Option

Exercise

Aggregate

Taxable

Date

Exercised

Price

Option Cost

Compensation

Grand Totals

171,565

2,059,606.25

995,162.75


Cancellation Recap Report		Boardwalk Equities Inc.


From / / to / /		Entered from 12/22/2003 to 12/22/2003


	Grant		Grant	Cancellation			Options		SARs		Option		Aggregate
Name/Optionee ID	Date		Type	Date		Reason	Cancelled		Cancelled		Price		Option Price

Plan: Boardwalk Equities, Inc.

Edgar Banzuelo		12/23/1998	Non-Qualified		12/22/2003	Terminated		400		0	$	16.720000	$	6,688.00
SSN ###-##-####

Paul Cheveldeaw		12/23/1998	Non-Qualified		12/22/2003	Terminated		2,000		0	$	16.720000	$	33,440.00
SSN ###-##-####

Diane Scramsled		12/23/1998	Non-Qualified		12/22/2003	Terminated		3,000		0	$	18.720000	$	50,160.00
SSN ###-##-####

David A. Gwynn		1/5/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	16.690000	$	33,380.00
SSN ###-##-####

Ronald J. MacIsaac		1/5/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	16.690000	$	33,380.00
SSN ###-##-####

Robert J. Dahl		2/10/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	14.720000	$	29,440.00
SSN ###-##-####

Patricia E. Bateman		5/11/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	14.780000	$	29,580.00
SSN ###-##-####

Vicki L. Parker		5/11/1999	Non-Qualified		12/22/2003	Terminated		600		0	$	14.780000	$	8,868.00
SSN ###-##-####

Utah A. MacDonald		6/10/1999	Non-Qualified		12/22/2003	Terminated		3,000		0	$	15.790000	$	47,370.00
SSN ###-##-####

Nicole H. Schafer		6/10/1999	Non-Qualified		12/22/2003	Terminated		3,000		0	$	15.790000	$	47,370.00
SSN ###-##-####

Tammy J. Rowe		7/7/1999	Non-Qualified		12/22/2003	Terminated		500		0	$	14.960000	$	8,976.00
SSN ###-##-####

William V. Gallardo		8/9/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	14.730000	$	29,480.00
SSN ###-##-####

Beverly A. Musseau		3/24/2000	Non-Qualified		12/22/2003	Terminated		2,000		0	$	15.230000	$	30,460.00
SSN ###-##-####

Cheryl L. Stout		6/20/2000	Non-Qualified		12/22/2003	Terminated		1,200		0	$	12.700000	$	15,240.00
SSN ###-##-####

Laura P. Walrond		6/20/2000	Non-Qualified		12/22/2003	Terminated		1,200		0	$	12.700000	$	15,240.00
SSN ###-##-####

Plan Totals								27,000		0			$	419,032.00


Cancellation Recap Report		Boardwalk Equities Inc.


From / / to / /		Entered from 12/22/2003 to 12/22/2003

Grant

Cancellation

Options

SARs

Option

Aggregate

Name/Optionee ID

Date

Type

Date

Reason

Cancelled

Price

Option Price

Grand Totals

27,000

419,032.00


Cancellation Recap Report		Boardwalk Equities Inc.


From / / to / /		Entered from 12/8/2003 to 12/8/2003

Grant

Cancellation

Options

SARs

Option

Aggregate

Name/Optionee ID

Date

Type

Date

Reason

Cancelled

Price

Option Price

Plan: Boardwalk Equities, Inc.

Jon Orpe

12/23/1998

Non-Qualified

12/8/2003

Terminated

400

16.720000

6,688.00

SSN ###-##-####

Petra Porisky

12/23/1998

Non-Qualified

12/8/2003

Terminated

2,000

16.720000

33,440.00

SSN ###-##-####

James N. McKibbin

3/9/1999

Non-Qualified

12/8/2003

Terminated

20,000

12.700000

254,000.00

SSN ###-##-####

Plan Totals

22,400

294,128.00


Cancellation Recap Report		Boardwalk Equities Inc.


From / / to / /		Entered from 12/8/2003 to 12/8/2003

Grant

Cancellation

Options

SARs

Option

Aggregate

Name/Optionee ID

Date

Type

Date

Reason

Cancelled

Price

Option Price

Grand Totals

22,400

294,128.00

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

BOARDWALK EQUITIES INC 6-K