Bank of Montreal and affiliated entities report passive ownership of 59,861,812 TC Energy Corp common shares, representing 5.75% of the class as of December 31, 2025. Bank of Montreal has sole voting power over 57,433,323 shares and shared voting power over 2,246,840 shares.
The group reports similar sole and shared dispositive power figures and files on Schedule 13G/A, certifying the shares were acquired and are held in the ordinary course of business, not to change or influence control of TC Energy. The filing also disclaims that the reporting persons are part of a control group.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
TC ENERGY CORP
(Name of Issuer)
Common Shares
(Title of Class of Securities)
87807B107
(CUSIP Number)
12/31/2025
(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)
SCHEDULE 13G
CUSIP No.
87807B107
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
57,433,323.00
6
Shared Voting Power
2,246,840.00
7
Sole Dispositive Power
57,614,972.00
8
Shared Dispositive Power
2,246,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
59,861,812.00
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)
5.75 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
87807B107
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
37,900,825.00
6
Shared Voting Power
2,246,840.00
7
Sole Dispositive Power
38,072,719.00
8
Shared Dispositive Power
2,246,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
40,319,559.00
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)
3.87 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP No.
87807B107
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
29,411,783.00
6
Shared Voting Power
134,201.00
7
Sole Dispositive Power
29,583,677.00
8
Shared Dispositive Power
134,201.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,717,878.00
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)
2.85 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
87807B107
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
171,890.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
171,890.00
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 No.
87807B107
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
3,055,961.00
6
Shared Voting Power
134,201.00
7
Sole Dispositive Power
3,055,961.00
8
Shared Dispositive Power
134,201.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
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)
0.29 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
87807B107
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
12,287,511.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
12,287,511.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,287,511.00
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)
1.18 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
87807B107
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
8,489,042.00
6
Shared Voting Power
2,112,639.00
7
Sole Dispositive Power
8,489,042.00
8
Shared Dispositive Power
2,112,639.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,601,681.00
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)
1.01 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
87807B107
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
6,261.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,731.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,731.00
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 No.
87807B107
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
6,211.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,337.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,337.00
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 No.
87807B107
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
344.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
344.00
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 No.
87807B107
1
Names of Reporting Persons
Stoker Ostler Wealth Advisors, 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
ARIZONA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
50.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
50.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
50.00
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 No.
87807B107
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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
41,345.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
41,363.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
41,345.00
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 No.
87807B107
1
Names of Reporting Persons
Burgundy 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
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
41,345.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
41,363.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
41,363.00
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
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. 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
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:
59861812
(b)
Percent of class:
5.75 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 57,433,323
BANK OF MONTREAL HOLDING INC. - 37,900,825
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 29,411,783
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 3,055,961
BMO ASSET MANAGEMENT INC. - 12,287,511
BMO NESBITT BURNS INC. - 8,489,042
BMO FINANCIAL CORP. - 6,261
BMO BANK N.A. - 6,211
BMO FAMILY OFFICE, LLC - 0
Stoker Ostler Wealth Advisors, Inc. - 50
1001271606 ONTARIO INC - 41,345
Burgundy Asset Management, Inc. - 41,345
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 2,246,840
BANK OF MONTREAL HOLDING INC. - 2,246,840
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 134,201
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 134,201
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 2,112,639
BMO FINANCIAL CORP. - 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 - 57,614,972
BANK OF MONTREAL HOLDING INC. - 38,072,719
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 29,583,677
BMO NESBITT BURNS SECURITIES LTD. - 171,890
BMO PRIVATE INVESTMENT COUNSEL INC. - 3,055,961
BMO ASSET MANAGEMENT INC. - 12,287,511
BMO NESBITT BURNS INC. - 8,489,042
BMO FINANCIAL CORP. - 6,731
BMO BANK N.A. - 6,337
BMO FAMILY OFFICE, LLC - 344
Stoker Ostler Wealth Advisors, Inc. - 50
1001271606 ONTARIO INC - 41,363
Burgundy Asset Management, Inc. - 41,363
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 2,246,840
BANK OF MONTREAL HOLDING INC. - 2,246,840
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 134,201
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 134,201
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 2,112,639
BMO FINANCIAL CORP. - 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.
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)(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.
What percentage of TC Energy (TRP) does Bank of Montreal report owning?
Bank of Montreal and affiliates report beneficial ownership of 5.75% of TC Energy’s common shares. This corresponds to 59,861,812 shares as of December 31, 2025, combining positions with sole and shared voting or investment power across the listed BMO entities.
How many TC Energy shares does Bank of Montreal have voting power over?
Bank of Montreal reports sole voting power over 57,433,323 TC Energy shares and shared voting power over 2,246,840 shares. Together, these positions contribute to the aggregate 59,861,812 shares beneficially owned, representing 5.75% of TC Energy’s outstanding common shares.
Is Bank of Montreal’s TC Energy stake reported as passive in this Schedule 13G/A?
Yes. The filing certifies the TC Energy shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of TC Energy, consistent with a passive ownership position under Schedule 13G rules.
Which Bank of Montreal entities are included in this TC Energy ownership filing?
The filing lists Bank of Montreal plus multiple affiliates, including Bank of Montreal Holding Inc., BMO Nesbitt Burns entities, BMO Asset Management Inc., BMO Bank N.A., and others, all together reporting the combined 5.75% beneficial stake in TC Energy.
Does Bank of Montreal claim to act as a group controlling TC Energy shares?
The reporting persons state they may be deemed members of a group for Section 13 purposes but explicitly declare that the filing should not be construed as an admission they are acting as a partnership, syndicate, or group to acquire, hold, or dispose of TC Energy securities.
