Bank of Montreal and affiliated entities filed a Schedule 13G reporting beneficial ownership of 58,129,433 TELUS Corp common shares, representing 3.78% of the class.
The filing details voting and dispositive powers across affiliates. Examples include BMO Asset Management Inc. with 26,744,400 shares under sole voting and sole dispositive power, and BMO Private Investment Counsel Inc. with 3,858,627 shares under sole voting and sole dispositive power. Certain shares are held in the ordinary course as prime broker on behalf of clients with rights to dividends or sale proceeds.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
TELUS CORP
(Name of Issuer)
Common shares
(Title of Class of Securities)
87971M103
(CUSIP Number)
09/30/2025
(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.
87971M103
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
57,441,195.00
6
Shared Voting Power
458,350.00
7
Sole Dispositive Power
57,671,083.00
8
Shared Dispositive Power
458,350.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
58,129,433.00
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.
87971M103
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
55,039,428.00
6
Shared Voting Power
458,350.00
7
Sole Dispositive Power
55,242,681.00
8
Shared Dispositive Power
458,350.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
55,701,031.00
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)
3.62 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
CUSIP No.
87971M103
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
54,432,054.00
6
Shared Voting Power
246,370.00
7
Sole Dispositive Power
54,635,307.00
8
Shared Dispositive Power
246,370.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
54,881,677.00
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)
3.57 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
87971M103
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
203,253.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
203,253.00
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.
87971M103
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
3,858,627.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
3,858,627.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,858,627.00
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)
0.25 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
87971M103
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
26,744,400.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
26,744,400.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
26,744,400.00
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)
1.74 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
87971M103
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
607,374.00
6
Shared Voting Power
211,980.00
7
Sole Dispositive Power
607,374.00
8
Shared Dispositive Power
211,980.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
819,354.00
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)
0.05 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
87971M103
1
Names of Reporting Persons
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY
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
26,635.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
26,635.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
26,635.00
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
Item 1.
(a)
Name of issuer:
TELUS CORP
(b)
Address of issuer's principal executive offices:
100 King Street West, 21st Floor, Toronto, ONTARIO, CANADA
M5X 1A1
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.
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY
(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)
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - IRELAND
(d)
Title of class of securities:
Common shares
(e)
CUSIP No.:
87971M103
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:
58,129,433
(b)
Percent of class:
3.78 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Bank of Montreal - 57,441,195
BANK OF MONTREAL HOLDING INC. - 55,039,428
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 54,432,054
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 3,858,627
BMO ASSET MANAGEMENT INC. - 26,744,400
BMO NESBITT BURNS INC. - 607,374
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - 26,635
(ii) Shared power to vote or to direct the vote:
Bank of Montreal - 458,350
BANK OF MONTREAL HOLDING INC. - 458,350
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 246,370
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 211,980
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - 0
(iii) Sole power to dispose or to direct the disposition of:
Bank of Montreal - 57,671,083
BANK OF MONTREAL HOLDING INC. - 55,242,681
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 54,635,307
BMO NESBITT BURNS SECURITIES LTD. - 203,253
BMO PRIVATE INVESTMENT COUNSEL INC. - 3,858,627
BMO ASSET MANAGEMENT INC. - 26,744,400
BMO NESBITT BURNS INC. - 607,374
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - 26,635
(iv) Shared power to dispose or to direct the disposition of:
Bank of Montreal - 458,350
BANK OF MONTREAL HOLDING INC. - 458,350
BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 246,370
BMO NESBITT BURNS SECURITIES LTD. - 0
BMO PRIVATE INVESTMENT COUNSEL INC. - 0
BMO ASSET MANAGEMENT INC. - 0
BMO NESBITT BURNS INC. - 211,980
BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY - 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)(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.
What did Bank of Montreal disclose about TELUS (TU)?
They reported beneficial ownership of 58,129,433 TELUS common shares, or 3.78% of the class.
Which entities are included in BMO’s Schedule 13G for TELUS (TU)?
Entities include Bank of Montreal and affiliates such as BMO Asset Management Inc., BMO Private Investment Counsel Inc., and others listed in the filing.
How much does BMO Asset Management Inc. report for TELUS (TU)?
26,744,400 shares with sole voting and sole dispositive power.
How much does BMO Private Investment Counsel Inc. report for TELUS (TU)?
3,858,627 shares with sole voting and sole dispositive power.
Does the filing mention client-directed rights for any TELUS (TU) shares?
Yes. Certain securities are held as prime broker for clients who may direct receipt of dividends or sale proceeds.
What is the title of the security and CUSIP for TELUS (TU)?
