BCE (BCE) 6-K Current report (foreign)

Exhibit 99.5

NOTICE OF RELIANCE

SECTION 13.4 OF NATIONAL INSTRUMENT 51-102

CONTINUOUS DISCLOSURE OBLIGATIONS

To: Alberta Securities Commission

British Columbia Securities Commission

Manitoba Securities Commission

Financial and Consumer Services Commission, New Brunswick

Office of the Superintendent of Securities, Newfoundland and Labrador

Nova Scotia Securities Commission

Ontario Securities Commission

Office of the Superintendent of Securities, Prince Edward Island

Autorité des marchés financiers

Financial and Consumer Affairs Authority of Saskatchewan

Toronto Stock Exchange

Notice is hereby given that Bell Canada relies on the continuous disclosure documents filed by BCE Inc. pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”) provided in Section 13.4 of NI 51-102.

The continuous disclosure documents of BCE Inc. can be found for viewing in electronic format at www.sedar.com.

Attached to this notice and forming part thereof is the consolidating summary financial information for BCE Inc. as required by Section 13.4 of NI 51-102.

Dated: April 29, 2021
	BELL CANADA
	By:	(signed) Thierry Chaumont
	Name:	Thierry Chaumont
	Title:	Senior Vice-President, Controller and Tax

  BELL CANADA

UNAUDITED SELECTED SUMMARY FINANCIAL INFORMATION ⁽¹⁾

For the periods ended March 31, 2021 and 2020

(in millions of Canadian dollars)

BCE Inc. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary Bell Canada under the public debt issued by Bell Canada. Accordingly, the following summary financial information is provided by Bell Canada in compliance with the requirements of section 13.4 of National Instrument 51-102 (Continuous Disclosure Obligations) providing for an exemption for certain credit support issuers. The tables below contain selected summary financial information for (i) BCE Inc. (as credit supporter), (ii) Bell Canada (as credit support issuer) on a consolidated basis, (iii) BCE Inc.’s subsidiaries, other than Bell Canada, on a combined basis, (iv) consolidating adjustments, and (v) BCE Inc. and all of its subsidiaries on a consolidated basis, in each case for the periods indicated. Such summary financial information for BCE Inc. and Bell Canada and all other subsidiaries is intended to provide investors with meaningful and comparable financial information about BCE Inc. and its subsidiaries. This summary financial information should be read in conjunction with BCE Inc.’s audited consolidated financial statements for the year ended December 31, 2020 and the unaudited consolidated interim financial report for the three months ended March 31, 2021.

For the periods ended March 31:

	BCE INC. (“CREDIT SUPPORTER”)(2)			BELL CANADA CONSOLIDATED (“CREDIT SUPPORT ISSUER”)			SUBSIDIARIES OF BCE INC. OTHER THAN BELL CANADA(3)			CONSOLIDATING ADJUSTMENTS(4)			BCE INC. CONSOLIDATED
		2021	2020		2021	2020		2021	2020		2021	2020		2021	2020
Operating revenues		–	–		5,706	5,640		—	—		—	—		5,706	5,640
Net earnings from continuing operations attributable to owners		674	713		696	696		32	34		(728)	(730)		674	713
Net earnings attributable to owners		674	718		696	701		32	34		(728)	(735)		674	718
As at March 31, 2021 and December 31, 2020, respectively:
	BCE INC. (“CREDIT SUPPORTER”)(2)			BELL CANADA CONSOLIDATED (“CREDIT SUPPORT ISSUER”)			SUBSIDIARIES OF BCE INC. OTHER THAN BELL CANADA(3)			CONSOLIDATING ADJUSTMENTS(4)			BCE INC. CONSOLIDATED
		Mar. 31, 2021	Dec. 31, 2020		Mar. 31, 2021	Dec. 31, 2020		Mar. 31, 2021	Dec. 31, 2020		Mar. 31, 2021	Dec. 31, 2020		Mar. 31, 2021	Dec. 31, 2020
Total Current Assets		569	711		11,639	9,291		368	337		(4,687)	(4,651)		7,889	5,688
Total Non-current Assets		26,279	24,971		49,862	48,444		38	38		(19,819)	(18,476)		56,360	54,977
Total Current Liabilities		4,757	4,589		9,363	8,238		94	95		(4,687)	(4,651)		9,527	8,271
Total Non-current Liabilities		64	104		31,700	30,367		–	–		592	594		32,356	31,065

⁽¹⁾  The summary financial information is prepared in accordance with International Financial Reporting Standards (IFRS) and is in accordance with generally accepted accounting principles issued by the Canadian Accounting Standards Board for publicly-accountable enterprises.

⁽²⁾  This column accounts for investments in all subsidiaries of BCE Inc. under the equity method.

⁽³⁾  This column accounts for investments in all subsidiaries of BCE Inc. (other than Bell Canada) on a consolidated basis.

⁽⁴⁾  This column includes the necessary amounts to eliminate the intercompany balances between BCE Inc., Bell Canada and other subsidiaries and other adjustments to arrive at the information for BCE Inc. on a consolidated basis.