Bank of Montreal and related BMO entities reported beneficial ownership of 17,758,682 shares of TransAlta Corp common stock, representing 5.98% of the class as of 03/31/2026. The filing breaks ownership across affiliated filers, with Bank of Montreal Holding Inc. shown with 8,814,845 shares (2.97%) and other BMO subsidiaries holding smaller, identified positions.
Positive
None.
Negative
None.
Insights
BMO group reports a near-6% passive stake in TransAlta.
The schedule lists 17,758,682 shares (5.98%) beneficially owned by Bank of Montreal and affiliated entities as of 03/31/2026. Holdings are itemized by subsidiary with voting and dispositive power lines.
Timing and intent are not specified in the excerpt; the filing is consistent with an institutional disclosure of ownership rather than an active takeover move. Subsequent filings would indicate any change in position or group coordination.
Key Figures
Beneficial ownership:17,758,682 sharesPercent of class:5.98%Holding - Bank of Montreal Holding Inc.:8,814,845 shares+1 more
4 metrics
Beneficial ownership17,758,682 sharesas of 03/31/2026, reported on Schedule 13G
Percent of class5.98%percentage reported for the combined BMO group
Holding - Bank of Montreal Holding Inc.8,814,845 sharesreported beneficial ownership and 2.97% of class
Holding - BMO Asset Management Inc.4,710,814 sharessole dispositive power reported in ownership table
Key Terms
SCHEDULE 13G, beneficially owned, sole voting power
3 terms
SCHEDULE 13Gregulatory
"Item 1. | (a) | Name of issuer: TRANSALTA CORP"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
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.
sole voting powerregulatory
"Item 4. | (c)(i) Sole power to vote or to direct the vote: Bank of Montreal - 17,669,715"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
TRANSALTA CORP
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
89346D107
(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):
89346D107
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
Unknown
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
17,669,715.00
6
Shared Voting Power
57,490.00
7
Sole Dispositive Power
17,701,192.00
8
Shared Dispositive Power
57,490.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,758,682.00
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)
5.98 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
89346D107
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
8,725,878.00
6
Shared Voting Power
57,490.00
7
Sole Dispositive Power
8,757,355.00
8
Shared Dispositive Power
57,490.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,814,845.00
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)
2.97 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP Number(s):
89346D107
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
4,714,482.00
6
Shared Voting Power
39,740.00
7
Sole Dispositive Power
4,745,959.00
8
Shared Dispositive Power
39,740.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,785,699.00
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)
1.62 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP Number(s):
89346D107
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
31,477.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
31,477.00
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)
0.01 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP Number(s):
89346D107
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
3,668.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,668.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,668.00
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):
89346D107
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
4,710,814.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,710,814.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,710,814.00
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)
1.58 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
89346D107
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
4,011,396.00
6
Shared Voting Power
17,750.00
7
Sole Dispositive Power
4,011,396.00
8
Shared Dispositive Power
17,750.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,029,146.00
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.
(b)
Address or principal business office or, if none, residence:
1 First Canadian Place
Toronto, Ontario, Canada
M5X1A1
(c)
Citizenship:
Bank of Montreal - UNKNOWN
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)
(d)
Title of class of securities:
COMMON STOCK
(e)
CUSIP Number(s):
89346D107
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:
17,758,682
(b)
Percent of class:
5.98 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 17,669,715
BANK OF MONTREAL HOLDING INC. - 8,725,878
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 4,714,482
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 3,668
BMO ASSET MANAGEMENT INC. - 4,710,814
BMO NESBITT BURNS INC. - 4,011,396
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 57,490
BANK OF MONTREAL HOLDING INC. - 57,490
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 39,740
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 17,750
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 17,701,192
BANK OF MONTREAL HOLDING INC. - 8,757,355
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 4,745,959
BMO NESBITT BURNS SECURITIES LTD. - 31,477
BMO PRIVATE INVESTMENT COUNSEL INC. - 3,668
BMO ASSET MANAGEMENT INC. - 4,710,814
BMO NESBITT BURNS INC. - 4,011,396
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 57,490
BANK OF MONTREAL HOLDING INC. - 57,490
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 39,740
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 17,750
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
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)(K), so indicate under Item 3(k) 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.
How many TransAlta (TAC) shares does Bank of Montreal report owning?
Bank of Montreal and affiliated BMO entities report 17,758,682 shares of TransAlta common stock, which the filing labels as 5.98% of the class as of 03/31/2026. The filing breaks ownership among BMO subsidiaries.
Does the Schedule 13G show who has voting control over the shares?
Yes. The filing lists voting powers separately: e.g., Bank of Montreal shows 17,669,715 shares with sole voting power and 57,490 with shared voting power, according to the reported table entries.
Which BMO entity holds the largest disclosed TransAlta stake?
Bank of Montreal Holding Inc. is shown with a combined total of 8,814,845 shares2.97% of the class) in the filing's itemized ownership lines as of 03/31/2026.
Does this filing indicate BMO is acting as a coordinated group for TAC shares?
The filing includes standard group disclaimers and lists multiple BMO reporting persons. It does not affirm coordinated group action; the schedule states that such filing should not be construed as an admission of acting as a group.
When was this ownership statement signed and filed?
The signatures in the excerpt are dated 05/13/2026, and the ownership snapshot in the table is tied to 03/31/2026, per the filing's header and itemized ownership entries.
