[SCHEDULE 13G] TC Energy Corporation SEC Filing

Rhea-AI Filing Summary

Bank of Montreal (BMO) and ten affiliated entities have filed a Schedule 13G revealing aggregate ownership of 46,029,764 TC Energy (TRP) common shares, equal to 4.42 % of the outstanding class as of 30 June 2025. The parent bank holds the majority of the position (45.6 m shares sole voting; 45.7 m sole dispositive). Other notable holders include BMO Nesbitt Burns Inc. – Wealth Management (27.0 m) and BMO Asset Management Inc. (11.6 m). No single subsidiary crosses the 5 % threshold; the combined filing is made under Rule 13d-1(b) for qualified institutional investors.

The group certifies that the shares were acquired in the ordinary course of business and not for the purpose of influencing control. With ownership below the 5 % trigger, the disclosure imposes no additional regulatory constraints but confirms continued institutional sponsorship in TC Energy’s equity base.

Insights

Securities Analyst

TL;DR – Passive 4.4 % BMO stake signals institutional support; limited immediate price impact.

The filing shows BMO and affiliates as long-term, non-activist owners of TC Energy. Because the stake is below 5 %, the group avoids heightened reporting or potential activist assumptions. From a trading-flow perspective, BMO’s 46 m-share position adds to the issuer’s institutional float depth but does not change control dynamics or capital-raising outlook. Investors may view the disclosure as modestly supportive, yet the absence of intent language tempers expectations for strategic influence.

Corporate Governance Expert

TL;DR – Ownership spread across 11 entities; no control intent, governance status unchanged.

BMO’s certification under Item 10 makes clear the holding is passive. The granular breakdown of voting and dispositive powers indicates fragmented internal management rather than coordinated action, reducing any governance risk to TC Energy. Because each entity is far below 5 %, no single subsidiary wields outsized influence. Overall impact on shareholder-vote outcomes or board engagement is negligible.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TC ENERGY CORP

(Name of Issuer)

Common Shares

(Title of Class of Securities)

87807B107

(CUSIP Number)

06/30/2025

(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 45,572,870.00
6	Shared Voting Power 289,770.00
7	Sole Dispositive Power 45,739,994.00
8	Shared Dispositive Power 289,770.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

46,029,764.00

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)

4.42 %

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 27,170,193.00
6	Shared Voting Power 289,770.00
7	Sole Dispositive Power 27,336,490.00
8	Shared Dispositive Power 289,770.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

27,626,260.00

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)

2.65 %

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 27,033,235.00
6	Shared Voting Power 145,271.00
7	Sole Dispositive Power 27,199,532.00
8	Shared Dispositive Power 145,271.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

27,344,803.00

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)

2.63 %

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 166,297.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

166,297.00

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 2,328,788.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,328,788.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,328,788.00

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)

0.22 %

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 11,589,445.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 11,589,445.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,589,445.00

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)

1.15 %

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 136,958.00
6	Shared Voting Power 144,499.00
7	Sole Dispositive Power 136,958.00
8	Shared Dispositive Power 144,499.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

281,457.00

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)

0.02 %

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 6,566.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,393.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,393.00

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 6,469.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,591.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,591.00

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 705.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

705.00

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 97.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 97.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

97.00

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

Item 1.
(a)	Name of issuer: TC ENERGY CORP
(b)	Address of issuer's principal executive offices: 450 - 1ST STREET S.W., CALGARY ALBERTA, ALBERTA, CANADA T2P 5H1
Item 2.
(a)	Name of person filing: 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.
(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
(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: 46,029,764
(b)	Percent of class: 4.42 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Bank of Montreal - 45,572,870 BANK OF MONTREAL HOLDING INC. - 27,170,193 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 27,033,235 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 2,328,788 BMO ASSET MANAGEMENT INC. - 11,589,445 BMO NESBITT BURNS INC. - 136,958 BMO FINANCIAL CORP. - 6,566 BMO BANK N.A. - 6,469 BMO FAMILY OFFICE, LLC - 0 Stoker Ostler Wealth Advisors, Inc. - 97
	(ii) Shared power to vote or to direct the vote: Bank of Montreal - 289,770 BANK OF MONTREAL HOLDING INC. - 289,770 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 145,271 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 144,499 BMO FINANCIAL CORP. - 0 BMO BANK N.A. - 0 BMO FAMILY OFFICE, LLC - 0 Stoker Ostler Wealth Advisors, Inc. - 0
	(iii) Sole power to dispose or to direct the disposition of: Bank of Montreal - 45,739,994 BANK OF MONTREAL HOLDING INC. - 27,336,490 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 27,199,532 BMO NESBITT BURNS SECURITIES LTD. - 166,297 BMO PRIVATE INVESTMENT COUNSEL INC. - 2,328,788 BMO ASSET MANAGEMENT INC. - 11,589,445 BMO NESBITT BURNS INC. - 136,958 BMO FINANCIAL CORP. - 7,393 BMO BANK N.A. - 6,591 BMO FAMILY OFFICE, LLC - 705 Stoker Ostler Wealth Advisors, Inc. - 97
	(iv) Shared power to dispose or to direct the disposition of: Bank of Montreal - 289,770 BANK OF MONTREAL HOLDING INC. - 289,770 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 145,271 BMO NESBITT BURNS SECURITIES LTD. - 0 BMO PRIVATE INVESTMENT COUNSEL INC. - 0 BMO ASSET MANAGEMENT INC. - 0 BMO NESBITT BURNS INC. - 144,499 BMO FINANCIAL CORP. - 0 BMO BANK N.A. - 0 BMO FAMILY OFFICE, LLC - 0 Stoker Ostler Wealth Advisors, 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)(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.

Bank of Montreal

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BANK OF MONTREAL HOLDING INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS INC. WEALTH MANAGEMENT

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS SECURITIES LTD.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO PRIVATE INVESTMENT COUNSEL INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO ASSET MANAGEMENT INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO NESBITT BURNS INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO FINANCIAL CORP.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO BANK N.A.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

BMO FAMILY OFFICE, LLC

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

Stoker Ostler Wealth Advisors, Inc.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	08/06/2025

FAQ

How many TC Energy (TRP) shares does Bank of Montreal own?

46,029,764 common shares, according to the Schedule 13G filed for 30 June 2025.

What percentage of TC Energy’s outstanding shares does BMO control?

The filing reports 4.42 % of the class is beneficially owned by BMO and affiliates.

Is BMO’s stake considered passive or activist?

The certification states the shares were acquired in the ordinary course and not to influence control, qualifying the stake as passive.

Do any BMO subsidiaries individually exceed the 5 % reporting threshold?

No. The largest single holder is the parent bank at 4.42 %; all subsidiaries are below 3 % individually.

Why did BMO have to file a Schedule 13G if it owns less than 5 %?

Qualified institutional investors must file when their aggregate holdings exceed 5 % or when updating previous filings. This filing updates current below-5 % ownership.

Does the filing indicate plans to change TC Energy’s governance?

No. BMO expressly disclaims any intent to influence control of the issuer.