[SCHEDULE 13G/A] TC ENERGY CORP Amended Passive Investment Disclosure
Bank of Montreal holds 3.38% of TC Energy shares
TC Energy Corp received an updated ownership report showing that Bank of Montreal and affiliated entities beneficially own 35,221,997 common shares, representing 3.38% of the class as of June 30, 2026.
TC Energy Corp received an updated ownership report showing that Bank of Montreal and affiliated entities beneficially own 35,221,997 common shares, representing 3.38% of the class as of June 30, 2026. The filing is Amendment No. 5 to a passive ownership report.
Bank of Montreal has 34,938,289 shares with sole voting power and 106,434 shares with shared voting power. It also has sole dispositive power over 35,114,383 shares and shared dispositive power over 106,434 shares, reported across multiple BMO subsidiaries and affiliates.
Positive
None.
Negative
None.
Key Figures
Beneficial ownership:35,221,997 sharesPercent of class:3.38 %Sole voting power (Bank of Montreal):34,938,289 shares+4 more
7 metrics
Beneficial ownership35,221,997 sharesCommon shares of TC Energy beneficially owned by Bank of Montreal and affiliates
Percent of class3.38 %Percentage of TC Energy common shares beneficially owned
Sole voting power (Bank of Montreal)34,938,289 sharesShares over which Bank of Montreal has sole power to vote
Shared voting power (Bank of Montreal)106,434 sharesShares over which Bank of Montreal has shared power to vote
Sole dispositive power (Bank of Montreal)35,114,383 sharesShares over which Bank of Montreal has sole power to dispose
Sole voting power (BMO Asset Management Inc.)14,534,783 sharesVoting power held by BMO Asset Management Inc. in TC Energy
Sole voting power (BMO Private Investment Counsel Inc.)2,711,862 sharesVoting power held by BMO Private Investment Counsel Inc. in TC Energy
Key Terms
beneficially owned, sole voting power, shared voting power, sole dispositive power, +2 more
6 terms
beneficially ownedfinancial
"Amount beneficially owned: 35,221,997"
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 powerfinancial
"Sole Voting Power 34,938,289.00"
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.
shared voting powerfinancial
"Shared Voting Power 106,434.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
sole dispositive powerfinancial
"Sole Dispositive Power 35,114,383.00"
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.
shared dispositive powerfinancial
"Shared Dispositive Power 106,434.00"
Schedule 13Gregulatory
"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."
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What ownership stake in TC Energy (TRP) does Bank of Montreal report in this Schedule 13G/A?
Bank of Montreal and affiliates report beneficial ownership of 35,221,997 TC Energy common shares, or 3.38% of the class. This reflects their aggregate holdings as of June 30, 2026, reported on Amendment No. 5 to their passive ownership statement.
How many TC Energy (TRP) shares does Bank of Montreal control through sole voting power?
Bank of Montreal reports sole voting power over 34,938,289 TC Energy common shares. Additional voting authority includes 106,434 shares subject to shared voting power across related BMO entities, contributing to the total 3.38% beneficial ownership stake.
What is the difference between voting and dispositive power reported for TC Energy (TRP) shares?
Bank of Montreal has sole dispositive power over 35,114,383 shares and shared dispositive power over 106,434 shares. Voting power refers to how shares are voted, while dispositive power reflects authority to sell or otherwise dispose of those shares.
Which BMO subsidiaries are included in the TC Energy (TRP) Schedule 13G/A filing?
The filing covers Bank of Montreal and entities such as BMO Nesbitt Burns Inc., BMO Asset Management Inc., BMO Private Investment Counsel Inc., BMO Bank N.A., and others. Their combined positions form the reported 35,221,997 shares beneficially owned.
Is Bank of Montreal classified as part of a group regarding TC Energy (TRP) under this filing?
Each reporting person may be deemed part of a group for Section 13 purposes, but they expressly disclaim being a group or acting in concert. The statement clarifies that the filing should not be construed as an admission of group status.
Does Bank of Montreal own 5% or more of TC Energy (TRP) common shares?
No, Bank of Montreal and affiliates report ownership of 3.38% of TC Energy’s common shares. The filing confirms ownership of 5 percent or less of the class, consistent with a Schedule 13G passive ownership filing status.
Bank of Montreal
BANK OF MONTREAL HOLDING INC.
BMO NESBITT BURNS INC.
BMO NESBITT BURNS SECURITIES LTD.
BMO PRIVATE INVESTMENT COUNSEL INC.
BMO ASSET MANAGEMENT INC.
BMO FINANCIAL CORP.
BMO Delaware Trust Company
BMO BANK N.A.
BMO FAMILY OFFICE, LLC
Stoker Ostler Wealth Advisors, Inc.
1001271606 ONTARIO INC
Burgundy Asset Management, Inc.
(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. - 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 FINANCIAL CORP. - DELAWARE
BMO Delaware Trust Company - NEW YORK
BMO BANK N.A. - DELAWARE
BMO FAMILY OFFICE, LLC - ARIZONA
Stoker Ostler Wealth Advisors, Inc. - ARIZONA
1001271606 ONTARIO INC - CANADA (FEDERAL LEVEL)
Burgundy Asset Management, Inc. - CANADA (FEDERAL LEVEL)
(d)
Title of class of securities:
Common Shares
(e)
CUSIP No.:
87807B107
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:
35,221,997
(b)
Percent of class:
3.38 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 34,938,289
BANK OF MONTREAL HOLDING INC. - 31,700,224
BMO NESBITT BURNS INC. - 31,700,224
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 2,711,862
BMO ASSET MANAGEMENT INC. - 14,534,783
BMO FINANCIAL CORP. - 6,766
BMO Delaware Trust Company - 1,180
BMO BANK N.A. - 5,482
BMO FAMILY OFFICE, LLC - 0
Stoker Ostler Wealth Advisors, Inc. - 104
1001271606 ONTARIO INC - 332
Burgundy Asset Management, Inc. - 332
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 106,434
BANK OF MONTREAL HOLDING INC. - 106,434
BMO NESBITT BURNS INC. - 106,434
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO FINANCIAL CORP. - 0
BMO Delaware Trust Company - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
Stoker Ostler Wealth Advisors, Inc. - 0
1001271606 ONTARIO INC - 0
Burgundy Asset Management, Inc. - 0
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 35,114,383
BANK OF MONTREAL HOLDING INC. - 31,872,619
BMO NESBITT BURNS INC. - 31,872,619
BMO NESBITT BURNS SECURITIES LTD. - 172,395
BMO PRIVATE INVESTMENT COUNSEL INC. - 2,711,862
BMO ASSET MANAGEMENT INC. - 14,534,783
BMO FINANCIAL CORP. - 10,465
BMO Delaware Trust Company - 0
BMO BANK N.A. - 5,767
BMO FAMILY OFFICE, LLC - 4,594
Stoker Ostler Wealth Advisors, Inc. - 104
1001271606 ONTARIO INC - 332
Burgundy Asset Management, Inc. - 332
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 106,434
BANK OF MONTREAL HOLDING INC. - 106,434
BMO NESBITT BURNS INC. - 106,434
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO FINANCIAL CORP. - 0
BMO Delaware Trust Company - 0
BMO BANK N.A. - 0
BMO FAMILY OFFICE, LLC - 0
Stoker Ostler Wealth Advisors, Inc. - 0
1001271606 ONTARIO INC - 0
Burgundy Asset Management, Inc. - 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.
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)(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.