The capital region is set to attract more than 600,000 visitors as it hosts one of the biggest winter festivals in the country.

"One thing you won't want to miss is our brand new sound and light show called Ukiuk, which means winter," said Julie Rocheleau, spokesperson for the National Capital Commission.

"It will be presented on the American Express Snowbowl, so it's on the Rideau Canal and images will be on the conference centre."

Although it's been a long winter so far, organizers say it's time for residents to let loose and enjoy the festivities.

It's estimated one in three people who attend Winterlude will be from outside the capital region.

The economic spin-off from the festival is expected to be about $82.5 million. And organizers say it's good for community spirit as well.

"I know the kids are really excited about it and it's a great community event and you get to see kids of all ages have a great time, so it's definitely something we're proud of," said one Ottawa resident.

Ice carving performed by people from around the world is one of many popular events returning to the capital.

"I came all the way from Stockholm, Sweden and this is my sixth year," said one carver.

He says he will use several 300 pound ice blocks to carve up his masterful creations.

Other events include a winter wonderland at Jacques-Cartier Park, which was made with the help of snow-making machines that blew for 10 days.

An annual triathlon is also scheduled for Saturday morning at Dow's Lake; participants will substitute skiing for swimming. The 29th annual bed race will also take place at Dow's Lake later in the day. Those who want to be crafty can also participate in an environmental art project of recycled plastic bottles at Confederation Park.

For those who'd rather stay indoors, a pancake breakfast is being held at Ottawa City Hall at 10 a.m.

Winterlude is celebrating its 31st season. The festival starts Feb. 6 and runs on weekends until Feb. 22.

With a report from CTV Ottawa's Kimothy Walker