Bank of Montreal and affiliates reported beneficial ownership of 161,564,830 common shares of Bank of Nova Scotia, representing 13.02% of the class as stated in this Amendment No. 3 to Schedule 13G/A.
The filing lists detailed voting and dispositive powers by reporting entity, including 56,529,245 shares with sole voting power attributed to Bank of Montreal and related subsidiary breakdowns. Certain securities are held in the ordinary course of brokerage business for clients.
Positive
None.
Negative
None.
Insights
Holds a passive >5% stake with detailed entity-level voting and disposition breakdowns.
The Schedule 13G/A Amendment shows 13.02% beneficial ownership aggregated across Bank of Montreal and affiliated entities, with explicit counts for sole and shared voting and dispositive powers by subsidiary. The filing identifies custody/prime broker arrangements for some client-held positions.
Impact is procedural: the position is disclosed under passive-investor rules. Subsequent filings would be required if ownership or voting intent changes; timing and cash-flow treatment are not specified in the excerpt.
Key Figures
Beneficially owned:161,564,830 sharesPercent of class:13.02%Bank of Montreal sole voting power:56,529,245 shares+2 more
Percent of class13.02%Percent of Bank of Nova Scotia common shares
Bank of Montreal sole voting power56,529,245 sharesSole power to vote attributed to Bank of Montreal
BMO Asset Management sole dispositive power24,470,918 sharesSole power to dispose attributed to BMO Asset Management Inc.
Bank of Montreal Holding Inc. total beneficial37,336,202 sharesTotal listed for Bank of Montreal Holding Inc.
Key Terms
Schedule 13G/A, Sole Dispositive Power, Beneficially owned
3 terms
Schedule 13G/Aregulatory
"Amendment No. 3 to Schedule 13G/A reporting beneficial ownership"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Sole Dispositive Powerregulatory
"Sole power to dispose or to direct the disposition of: Bank of Montreal - 56,645,091"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
Beneficially ownedregulatory
"Amount beneficially owned: 161,564,830 (b) Percent of class: 13.02 %"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
The filing reports 161,564,830 shares beneficially owned, equal to 13.02% of Bank of Nova Scotia common shares. The figure is aggregated across Bank of Montreal and affiliated entities listed in the schedule.
How much voting power does Bank of Montreal hold in BNS?
Bank of Montreal is reported to have 56,529,245 shares of sole voting power. The schedule also breaks out shared voting power and subsidiary-level voting counts for affiliated entities.
Are any of the shares held on behalf of clients?
Yes. The filing states that certain securities are held in the ordinary course of business by the reporting person acting as a prime broker on behalf of clients who may control dividends or sale proceeds.
Which affiliates are included in the filing?
Affiliates listed include Bank of Montreal Holding Inc., BMO Asset Management Inc., BMO Nesbitt Burns entities, BMO Financial Corp., BMO Bank N.A., and others. Each affiliate's voting and dispositive counts are shown in the schedule.
Does this filing change voting intent or control status?
The schedule is an amendment under passive-investor reporting rules and lists ownership and powers; it does not state any change in voting intent or an intent to influence control in the provided excerpt.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Bank of Nova Scotia
(Name of Issuer)
Common Shares
(Title of Class of Securities)
064149107
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
Bank of Montreal
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
56,529,245.00
6
Shared Voting Power
676,435.00
7
Sole Dispositive Power
56,645,091.00
8
Shared Dispositive Power
676,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
57,321,526.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.63 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BANK OF MONTREAL HOLDING INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
36,555,649.00
6
Shared Voting Power
676,435.00
7
Sole Dispositive Power
36,659,767.00
8
Shared Dispositive Power
676,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
37,336,202.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.02 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
34,629,202.00
6
Shared Voting Power
634,896.00
7
Sole Dispositive Power
34,733,320.00
8
Shared Dispositive Power
634,896.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
35,368,216.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.86 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BMO NESBITT BURNS SECURITIES LTD.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
104,118.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
104,118.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BMO PRIVATE INVESTMENT COUNSEL INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,699,681.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,699,681.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,699,681.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.21 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BMO ASSET MANAGEMENT INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
24,470,918.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
24,470,918.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,470,918.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.97 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BMO NESBITT BURNS INC.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,926,447.00
6
Shared Voting Power
41,539.00
7
Sole Dispositive Power
1,926,447.00
8
Shared Dispositive Power
41,539.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,926,447.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.15 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BMO FINANCIAL CORP.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,772.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,354.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,354.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BMO BANK N.A.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,772.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,442.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,442.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BMO FAMILY OFFICE, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,912.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,912.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
1001271606 ONTARIO INC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
IRELAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,155,361.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,164,507.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,164,507.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.09 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP Number(s):
064149107
1
Names of Reporting Persons
BURGUNDY ASSET MANAGEMENT LTD.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,155,361.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,164,507.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,164,507.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
Bank of Montreal
BANK OF MONTREAL HOLDING INC.
BMO NESBITT BURNS INC. WEALTH MANAGEMENT
BMO NESBITT BURNS SECURITIES LTD.
BMO PRIVATE INVESTMENT COUNSEL INC.
BMO ASSET MANAGEMENT INC.
BMO NESBITT BURNS INC.
BMO FINANCIAL CORP.
BMO BANK N.A.
BMO FAMILY OFFICE, LLC
1001271606 ONTARIO INC
BURGUNDY ASSET MANAGEMENT LTD.
(b)
Address or principal business office or, if none, residence:
1 First Canadian Place
Toronto, Ontario, Canada
M5X1A1
(c)
Citizenship:
Bank of Montreal - CANADA (FEDERAL LEVEL)
BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - CANADA (FEDERAL LEVEL)
BMO NESBITT BURNS SECURITIES LTD. - CANADA (FEDERAL LEVEL)
BMO PRIVATE INVESTMENT COUNSEL INC. - CANADA (FEDERAL LEVEL)
BMO ASSET MANAGEMENT INC. - ONTARIO, CANADA
BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL)
BMO FINANCIAL CORP. - DELAWARE
BMO BANK N.A. - ILLINOIS
BMO FAMILY OFFICE, LLC - DELAWARE
1001271606 ONTARIO INC - IRELAND
BURGUNDY ASSET MANAGEMENT LTD. - CANADA (FEDERAL LEVEL)
(d)
Title of class of securities:
Common Shares
(e)
CUSIP No.:
064149107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
161,564,830
(b)
Percent of class:
13.02 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 56,529,245
BANK OF MONTREAL HOLDING INC. - 36,555,649
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 34,629,202
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 2,699,681
BMO ASSET MANAGEMENT INC. - 24,470,918
BMO NESBITT BURNS INC. - 1,926,447
BMO FINANCIAL CORP. - 1,772
BMO BANK N.A. - 1,772
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 1,155,361
BURGUNDY ASSET MANAGEMENT LTD. - 1,155,361
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 676,435
BANK OF MONTREAL HOLDING INC. - 676,435
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 634,896
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 41,539
BMO FINANCIAL CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 0
BURGUNDY ASSET MANAGEMENT LTD. - 0
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 56,645,091
BANK OF MONTREAL HOLDING INC. - 36,659,767
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 34,733,320
BMO NESBITT BURNS SECURITIES LTD. - 104,118
BMO PRIVATE INVESTMENT COUNSEL INC. - 2,699,681
BMO ASSET MANAGEMENT INC. - 24,470,918
BMO NESBITT BURNS INC. - 1,926,447
BMO FINANCIAL CORP. - 4,354
BMO BANK N.A. - 2,442
BMO FAMILY OFFICE, LLC - 1,912
1001271606 ONTARIO INC - 1,164,507
BURGUNDY ASSET MANAGEMENT LTD. - 1,164,507
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 676,435
BANK OF MONTREAL HOLDING INC. - 676,435
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 634,896
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 41,539
BMO FINANCIAL CORP. - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
1001271606 ONTARIO INC - 0
BURGUNDY ASSET MANAGEMENT LTD. - 0
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Certain of the securities reported herein are held in the ordinary course of business of the Reporting Person acting as prime broker on behalf of certain clients who have the power to direct the receipt of dividends from, or the proceeds from the sale of such securities.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See Documents.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
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.
