##### Table of Contents



2005
   U.S. Securities and Exchange Commission
 Washington, D.C. 20549
 FORM 40-F
 o
    
    REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
 OR
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended:December 31, 2005
    
    Commission File Number:1-8481
 BCE Inc.
 (Exact name of Registrant as specified in its charter)
 Canada  (Jurisdiction of incorporation or organization)
 4813  (Primary Standard Industrial Classification Code Number (if applicable))
 98-0134477  (I.R.S. Employer Identification Number (if applicable))
 1000 rue de La Gauchetière Ouest, Bureau 3700, Montréal, Québec, Canada H3B 4Y7, (514) 397-7000  (Address and telephone number of Registrants principal executive offices)
 CT Corporation System, 111 Eighth Avenue, 13 th Floor, New York, N.Y. 10011, (212) 894-8940  (Name, address (including zip code) and telephone number (including area code)
of agents for service in the United States)
  Title of each class
    
    Name of each exchange on which registeredCommon shares
    
    New York Stock Exchange
 None
 None
  þ Annual information form
    
    þ Audited annual financial statements
  At December 31, 2005, 927,318,916 common shares and
66,000,000 First Preferred Shares were issued and outstanding.
  YES: o
    
    NO: þ
  YES: þ
    
    NO: o




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##### Table of Contents



2 PRIOR FILINGS MODIFIED AND SUPERSEDED
  ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND
MANAGEMENTS DISCUSSION AND ANALYSIS
 A. Annual Audited Consolidated Financial Statements
   B. Managements Discussion and Analysis
  EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES




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3 CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
  AUDIT COMMITTEE FINANCIAL EXPERT
  CODE OF ETHICS
 www.bce.ca
 PRINCIPAL ACCOUNTANT FEES AND SERVICES
 Auditors fees
  2005
    
    
    2004(Can. $ millions)Audit fees
    
    
    12.2
    
    
    
    11.4Audit-related fees
    
    
    1.9
    
    
    
    3.1Tax fees
    
    
    1.4
    
    
    
    1.9Other fees
    
    
    
    
    
    
    Total
    
    
    15.5
    
    
    
    16.4
 Audit fees
  Audit-related fees
 Sarbanes-Oxley Act
 Tax fees
  Other fees




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4 Auditor independence policy
  
    
    establishing a process for determining whether various audit and other services
provided by the external auditor affect its independence;
    
    identifying the services that the external auditor may and may not provide to BCE
Inc. and its subsidiaries;
    
    pre-approving all services to be provided by the external auditor of BCE Inc. and its
subsidiaries; and
    
    establishing a process outlining procedures (as part of a separate policy) when
hiring current or former personnel of the external auditor in a financial oversight role
to ensure auditor independence is maintained.
  
    
    the external auditor cannot be hired to provide any services falling within the
prohibited services category, such as bookkeeping, financial information system design and
implementation and legal services;
    
    for all audit or non-audit services falling within the permitted services category
(such as prospectus work, due diligence and non-statutory audits), a request for approval
must be submitted to the audit committee by the CFO prior to engaging the auditors;
    
    specific permitted services however are pre-approved quarterly by the audit committee
and consequently only require approval by the CFO prior to engaging the external auditor;
and
    
    at each regularly scheduled audit committee meeting, a consolidated summary of all
fees paid to the external auditor by service type is presented. This summary includes a
breakout of fees incurred within the pre-approved amounts.The Auditor Independence Policy is available in the governance section of BCE Inc.s
website at www.bce.ca.
 
 OFF-BALANCE SHEET ARRANGEMENTS
  TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
  IDENTIFICATION OF THE AUDIT COMMITTEE




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5 UNDERTAKING
  WEB SITE INFORMATION
  STATEMENT REGARDING FORWARD-LOOKING STATEMENTS




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2005
  BCE INC.




---



##### 



P. 1  
 WHATS INSIDE
 ABOUT THIS ANNUAL INFORMATION FORM
    
    
    2Documents incorporated by reference
    
    
    2Trademarks
    
    
    2About forward-looking statements
    
    
    3ABOUT BCE
    
    
    3Our strategic priorities
    
    
    5Our corporate structure
    
    
    7Our directors and officers
    
    
    8Our employees
    
    
    11Our capital structure
    
    
    11Our dividend policy
    
    
    17ABOUT OUR BUSINESSES
    
    
    17Bell Canada
    
    
    17Other BCE Segment
    
    
    22OUR POLICY ON CORPORATE RESPONSIBILITY
    
    
    24BUSINESS HIGHLIGHTS
    
    
    25THE REGULATORY ENVIRONMENT WE OPERATE IN
    
    
    28Legislation that governs our business
    
    
    28Key regulatory issues
    
    
    30Consultations
    
    
    34LEGAL PROCEEDINGS WE ARE INVOLVED IN
    
    
    35ASSUMPTIONS MADE IN THE PREPARATION OF FORWARD-LOOKING STATEMENTS AND RISKS THAT COULD AFFECT OUR BUSINESS AND RESULTS
    
    
    38MANAGEMENTS DISCUSSION AND ANALYSIS
    
    
    50FOR MORE INFORMATION
    
    
    51SCHEDULE 1  AUDIT COMMITTEE INFORMATION
    
    
    52SCHEDULE 2  GLOSSARY
    
    
    58Bell Canada Enterprises 2005 Annual ReportConsent of Independent Registered Chartered AccountantsComments by Auditors for U.S. ReadersCertifications of the CEO & CFO Pursuant to S.302 SOXCertifications of the CEO & CFO Pursuant to S.906 SOX




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P. 2 
 ABOUT THIS ANNUAL INFORMATION FORM
   In this AIF, we , us , our and BCE mean BCE Inc., its subsidiaries and joint ventures. Bell Canada,
Aliant Inc. (Aliant) and their subsidiaries and joint ventures are referred to as the Bell Canada
companies.
  All dollar figures are in Canadian dollars, unless stated otherwise. The information in this AIF
is as of March 1, 2006, unless stated otherwise, and except for information in documents
incorporated by reference that have a different date.
 
   DOCUMENT
    
    WHERE IT IS INCORPORATED IN THIS AIFBCE Inc. 2005 annual report
    
    Managements discussion and
analysis, page 50 Managements discussion and analysis, pages 2 to 59
 
   OWNER
    
    TRADEMARKAliant Inc.
    
    AliantAliant TelecomBCE Inc.
    
    BCEBell Canada
    
    Rings & head design
    
    GoTraxBell Canada Enterprises corporate logo
    
    KidsmaniaBell
    
    Seek & FindBell Mobility
    
    SympaticoBell World
    
    Sympatico.caEmily
    
    10-4 & designEspace BellBell ExpressVu Limited Partnership
    
    ExpressVuBell Globemedia Publishing Inc.
    
    Canadas National NewspaperGlobeandmail.comThe Globe and MailBell Mobility Inc.
    
    Mobile BrowserCTV Inc.
    
    CTV
    
    CTV TravelCTV Newsnet
    
    The Comedy Network & designCTV Television Inc.
    
    ROB TVTALK TVSolo Branding Inc.
    
    SoloSolo MobileTelesat Canada
    
    AnikNimiqTelesatThe Sports Network Inc.
    
    TSNRDSRIS Info Sports




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##### Table of Contents



P. 3 
  anticipate, assumption, believe, could,
expect, goal, guidance, intend, may, objective, outlook,
plan, seek, should, strive, target will
  United States Private Securities Litigation Reform Act
of 1995 Securities Act of Ontario
  unless otherwise indicated, forward-looking
statements in this AIF describe our expectations at
March 1, 2006.
 
 
 
 Assumptions made in the preparation of forward-looking
statements and risks that could affect our business and
results
 
 ABOUT BCE
 Residential Business, Aliant, Other Bell Canada Other
BCE
   OPERATING REVENUES (in $ millions)Residential
    
    $
    7,599Business
    
    $
    6,120Aliant
    
    $
    2,097Other Bell Canada
    
    $
    1,958Inter-segment eliminations  Bell Canada
    
    $
    (524
    )Bell Canada
    
    $
    17,250Other BCE
    
    $
    2,093Inter-segment eliminations  other
    
    $
    (238
    )Total operating revenues
    
    $
    19,105
 Residential




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##### Table of Contents



P. 4 Business
  Business
 Aliant
 Other Bell Canada
       Other BCE
  (1)
 
 (1)The disclosure in this AIF relating to Telesat does not constitute an offer to sell,
or the solicitation of any offer to buy, any securities.




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p. 5  Canada Business Corporations Act
   
        Service
 Customer retention
 Growth
 Cost
      
 
   
 
 
 




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p. 6     
 
 
 
         
 
 
 
 
   
  
 
  




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p. 7 
 
     Transforming our cost structure
  
 
 
 
    
 
 
 
    Our corporate structure
 WHERE IS IT
    
    PERCENTAGE OF VOTING SECURITIESINCORPORATED
    
    OR PARTNERSHIP INTEREST THATSUBSIDIARY
    
    OR REGISTERED
    
    BCE INC. HELD AT DECEMBER 31, 2005 (1)Bell Canada (2)
    
    Canada
    
    
    100
    %Aliant
    
    Canada
    
    
    53.2
    %Bell Mobility
    
    Canada
    
    
    100
    %Bell ExpressVu (3)
    
    Ontario
    
    
    100

%(4)Bell Globemedia (3)(5)
    
    Ontario
    
    
    68.5
    %
 (1)
    
    We do not own any outstanding non-voting securities issued by these subsidiaries.(2)
    
    All of the voting securities of Bell Canada are owned by Bell Canada Holdings Inc.
(BCH), a wholly-owned subsidiary of BCE Inc.(3)
    
    These subsidiaries represent 10% or less of our total consolidated assets and 10% or
less of our total consolidated operating revenues. We have included them to provide a better
understanding of our overall corporate structure.(4)
    
    This subsidiary is indirectly wholly-owned by BCE Inc. 52% is indirectly held by
Bell Canada.(5)
    
    See Business Highlights  2005  Key
Acquisitions and Dispositions  Sale of Bell
Globemedia Interest.




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p. 8 
   
 
 
 
 Directors
   DATE ELECTED OR APPOINTEDNAME AND PROVINCE/STATE AND COUNTRY OF RESIDENCE
    
    TO THE BCE INC. BOARD
    
    CURRENT PRINCIPAL OCCUPATIONAndré Bérard, Québec, Canada
    
    January 2003
    
    Corporate directorRonald A. Brenneman, Alberta, Canada
    
    November 2003
    
    President and Chief Executive Officer and a director, Petro-Canada
(petroleum company), since January 2000Richard J. Currie,(1)Ontario, Canada
    
    May 1995
    
    Chair of the board, BCE Inc. and Bell Canada, since April 2002Anthony S. Fell,(1)Ontario, Canada
    
    January 2002
    
    Chairman of the board, RBC Dominion Securities Limited (investment bank),
since December 1999Donna Soble Kaufman, Ontario, Canada
    
    June 1998
    
    Lawyer and corporate directorBrian M. Levitt, Québec, Canada
    
    May 1998
    
    Partner and Co-Chair, Osler, Hoskin & Harcourt LLP (law firm),
since January 2001The Honourable Edward C. Lumley,(2)Ontario, Canada
    
    January 2003
    
    Vice-Chairman, BMO Nesbitt Burns Inc. (investment bank), since 1991Judith Maxwell, Ontario, Canada
    
    January 2000
    
    Research Fellow, Canadian Policy Research Networks Inc. (non-profit
organization conducting research on work, family, health, social policy and
public involvement), since February 2006John H. McArthur, Massachusetts, U.S.A.
    
    May 1995
    
    Dean Emeritus, Harvard University Graduate School of Business
Administration, since 1995Thomas C. ONeill, Ontario, Canada
    
    January 2003
    
    Chartered Accountant and corporate directorJames A. Pattison,(3)British Columbia, Canada
    
    February 2005
    
    Chairman and Chief Executive Officer, The Jim Pattison Group, since 1961Robert C. Pozen, Massachusetts, U.S.A.
    
    February 2002
    
    Chairman of the board, MFS Investment Management (global investment
manager), since February 2004Michael J. Sabia,(1)Québec, Canada
    
    October 2002
    
    President and Chief Executive Officer (since April 2002) and a director,
BCE Inc., and Chief Executive Officer (since May 2002) and a director,
Bell CanadaPaul M. Tellier, Québec, Canada
    
    April 1999
    
    Corporate directorVictor L. Young, Newfoundland and Labrador, Canada
    
    May 1995
    
    Corporate director
 (1)
    
    Was a director or executive officer of Teleglobe Inc. (Teleglobe) or certain of its
affiliates on, or during the year preceding, May 15,
2002, the date when Teleglobe and certain of its affiliates filed for court protection under
insolvency statutes in various countries, including Canada and the United States.(2)
    
    Was a director or executive officer of Air Canada on, or during the year preceding,
April 1, 2003, the date when Air Canada filed for court protection under insolvency statutes in
Canada and the United States.(3)
    
    Was a director or executive officer of Livent Inc. on, or during the year preceding,
November 18 or 19, 1998, the dates when Livent Inc. and its United States subsidiaries filed for
court protection under insolvency statutes in Canada and the United States, respectively.




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p. 9 Past occupation
  DIRECTOR
    
    PAST OCCUPATIONMr. A. Bérard
    
    Chairman of the board of National Bank of Canada (chartered bank) from March 2002 to March 2004
Chairman of the board and Chief Executive Officer of National Bank of Canada from 1990 to March 2002 and a director of National
Bank of Canada from 1985 to March 2004Mr. R.J. Currie
    
    President of George Weston Limited (food distribution, retail and production company) from 1996 to May 2002 and a director from
1975 to May 2002President of Loblaw Companies Limited (grocery chain) from 1976 to January 2001 and a director from 1973 to May 2001Ms. J. Maxwell
    
    President of Canadian Policy Research Networks Inc. from 1995 to January 2006Mr. T.C. ONeill
    
    Chief Executive Officer of PricewaterhouseCoopers Consulting (provider of management consulting and technology services) from
January 2002 to May 2002 and then Chairman of the board from May 2002 to October 2002Chief Operating Officer of PricewaterhouseCoopers LLP global organization (professional services firm in accounting, auditing, taxation
and financial advisory services) from July 2000 to January 2002Chief Executive Officer of PricewaterhouseCoopers LLP (accounting firm) in Canada from 1998 to July 2000Mr. R.C. Pozen
    
    Visiting professor, Harvard Law School from 2002 to August 2004Vice-chairman of the board of Fidelity Investments from June 2000 to December 2001President and a director of Fidelity Management and Research Company (provider of financial services and investment resources) from
1997 to June 2001Mr. P.M. Tellier
    
    President and Chief Executive Officer and a director of Bombardier Inc. (manufacturer of business jets, regional jets and rail
transportation equipment) from 2003 to December 2004President, Chief Executive Officer and a director of Canadian National Railway Company from 1992 to December 2002Mr. V.L. Young
    
    Chairman of the board and Chief Executive Officer of Fishery Products International Limited (frozen seafood products company) from
1984 to May 2001
 Committees of the board
   COMMITTEE
    
    MEMBERSAudit
    
    T.C. ONeill (Chair)A. BérardJ. MaxwellR.C. PozenV.L. YoungCorporate governance
    
    D. Soble Kaufman (Chair)A. BérardA.S. FellThe Honourable E. C. LumleyJ. H. McArthurManagement resources
    
    R.J. Currie (Chair)and compensation
    
    R.A. BrennemanA.S. FellJ.H. McArthurV.L. YoungPension fund
    
    R.C. Pozen (Chair)B.M. LevittJ.A. PattisonP.M. Tellier




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p. 10 Officers
  PROVINCE AND COUNTRYNAME
    
    OF RESIDENCE
    
    OFFICE HELD AT BCE INC.Michael J. Sabia (1)
    
    Québec, Canada
    
    President and Chief Executive OfficerAlain Bilodeau
    
    Québec, Canada
    
    Senior Vice-President, BCE Inc. and President, BCE Corporate ServicesMichael T. Boychuk (1)
    
    Québec, Canada
    
    Senior Vice-President and TreasurerKaryn A. Brooks
    
    Québec, Canada
    
    Vice-President and ControllerMark R. Bruneau
    
    Québec, Canada
    
    Executive Vice-President and Chief Strategy OfficerWilliam J. Fox
    
    Ontario, Canada
    
    Executive Vice-President
 Communications and Corporate DevelopmentLib Gibson
    
    Ontario, Canada
    
    Corporate AdvisorLeo W. Houle
    
    Québec, Canada
    
    Chief Talent OfficerLawson A.W. Hunter
    
    Ontario, Canada
    
    Executive Vice-President and Chief Corporate OfficerAlek Krstajic
    
    Ontario, Canada
    
    Officer  Office of the CEOPatricia A. Olah
    
    Québec, Canada
    
    Corporate SecretaryBarry W. Pickford
    
    Ontario, Canada
    
    Senior Vice-President  TaxationStephen P. Skinner
    
    Québec, Canada
    
    Senior Vice-President 
Finance  Bell CanadaMartine Turcotte
    
    Québec, Canada
    
    Chief Legal OfficerSiim A. Vanaselja
    
    Québec, Canada
    
    Chief Financial OfficerStephen G. Wetmore
    
    Ontario, Canada
    
    Group President  Corporate Performance and National MarketsMahes S. Wickramasinghe
    
    Ontario, Canada
    
    Senior Vice-President  Corporate Performance and National MarketsNicholas Zelenczuk
    
    Ontario, Canada
    
    Senior Vice-President  Audit and Risk Management
 
 (1)
    
    Was a director or executive officer of Teleglobe or certain of its affiliates on or
during the year preceding May 15, 2002, the date when Teleglobe and certain of its
affiliates filed for court protection under insolvency statutes in various countries,
including Canada and the United States. Past occupation
  
 
 
 
 
 
 
 
 
 




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p. 11 
   MUMBER OF EMPLOYEESAT DECEMBER 31
    
    2005
    
    
    2004
    
    
    2003Total
    
    
    60,001
    
    
    
    61,739
    
    
    
    64,054
   
 
 
  
 
 
 
   
  BCE Inc. Securities
  Debt Securities
  Debt securities
 INTEREST RATE
    
    
    MATURITY

    
    $ MILLIONSSeries A Notes
    
    
    6.20
    %
    
    October 30, 2006
    
    
    300Series B Notes
    
    
    6.75
    %
    
    October 30, 2007
    
    
    1,050Series C Notes
    
    
    7.35
    %
    
    October 30, 2009
    
    
    650Total
    
    
    
    
    
    
    
    
    
    
    2,000




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p. 12       Share capital
    First preferred shares
 STATED CAPITALAT DECEMBER 31NUMBER OF SHARES
    
    
    (IN $ MILLIONS)ANNUALDIVIDEND
    
    CONVERTIBLE
    CONVERSION


    REDEMPTION
    
    REDEMPTION
    
    
    
    
    
    ISSUED ANDSERIES
    
    RATE
    
    INTO
    
    DATE
    
    DATE
    
    PRICE
    
    AUTHORIZED
    
    
    OUTSTANDING
    
    
    
2005
    
    
    
2004Q
    
    floating
    
    Series R
    
    December 1, 2015
    
    At any time
    
    $25.50
    
    
    8,000,000
    
    
    
    
    
    
    
    
    
    
    
    R
    
    4.54%
    
    Series Q
    
    December 1, 2010
    
    December 1, 2010
    
    $25.00
    
    
    8,000,000
    
    
    
    8,000,000
    
    
    
    200
    
    
    
    200S
    
    floating
    
    Series T
    
    November 1, 2006
    
    At any time
    
    $25.50
    
    
    8,000,000
    
    
    
    8,000,000
    
    
    
    200
    
    
    
    200T
    
    fixed
    
    Series S
    
    November 1, 2011
    
    November 1, 2011
    
    $25.00
    
    
    8,000,000
    
    
    
    
    
    
    
    
    
    
    
    Y
    
    floating
    
    Series Z
    
    December 1, 2007
    
    At any time
    
    $25.50
    
    
    10,000,000
    
    
    
    1,147,380
    
    
    
    29
    
    
    
    29Z
    
    5.319%
    
    Series Y
    
    December 1, 2007
    
    December 1, 2007
    
    $25.00
    
    
    10,000,000
    
    
    
    8,852,620
    
    
    
    221
    
    
    
    221AA
    
    5.45%
    
    Series AB
    
    September 1, 2007
    
    September 1, 2007
    
    $25.00
    
    
    20,000,000
    
    
    
    20,000,000
    
    
    
    510
    
    
    
    510AB
    
    floating
    
    Series AA
    
    September 1, 2012
    
    At any time
    
    $25.50
    
    
    20,000,000
    
    
    
    
    
    
    
    
    
    
    
    AC
    
    5.54%
    
    Series AD
    
    March 1, 2008
    
    March 1, 2008
    
    $25.00
    
    
    20,000,000
    
    
    
    20,000,000
    
    
    
    510
    
    
    
    510AD
    
    floating
    
    Series AC
    
    March 1, 2013
    
    At any time
    
    $25.50
    
    
    20,000,000
    
    
    
    
    
    
    
    
    
    
    
    1,670
    
    
    
    1,670




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p. 13 Voting rights
  Entitlement to dividends
     Conversion features
  Redemption features
    Liquidation, dissolution or winding up
       2005
    
    
    2004NUMBER
    
    
    STATED CAPITAL
    
    
    NUMBER
    
    
    STATED CAPITALOF SHARES
    
    
    (IN $ MILLIONS)
    
    
    OF SHARES
    
    
    (IN $ MILLIONS)Outstanding, beginning of year
    
    
    925,935,682
    
    
    
    16,781
    
    
    
    923,988,818
    
    
    
    16,749Shares issued under employee stock option plan
    
    
    1,383,234
    
    
    
    25
    
    
    
    1,946,864
    
    
    
    32Outstanding, end of year
    
    
    927,318,916
    
    
    
    16,806
    
    
    
    925,935,682
    
    
    
    16,781
 The
regulatory environment we operate in  Legislation that governs our business




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p. 14 Ratings for BCE Inc. securities
   
 
  
 
    Commercial paper
  HIGHEST QUALITY
    
    LOWEST QUALITYOF SECURITIES RATED
    
    OF SECURITIES RATEDDBRS
    
    R-1 (high)
    
    DS&P
    
    A-1 (high)
    
    DMoodys
    
    P-1
    
    P-3
     COMMERCIAL PAPERCREDIT RATINGDBRS
    
    R-1  (low)S&P
    
    A-1  (low)Moodys
    
    P-2
  
 
 
   Long-term debt (Senior notes Series A, B and C)
  HIGHEST QUALITY
    
    LOWEST QUALITYOF SECURITIES RATED
    
    OF SECURITIES RATEDDBRS
    
    AAA
    
    DS&P
    
    AAA
    
    DMoodys
    
    Aaa
    
    CFitch
    
    AAA
    
    D




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p. 15 
 
 
 
 
 
 
    LONG-TERM DEBTCREDIT RATINGDBRS
    
    A (low)S&P
    
    BBB+Moodys
    
    Baa1Fitch
    
    BBB+
  
 
     Preferred Shares
  HIGHEST QUALITY
    
    LOWEST QUALITYOF SECURITIES RATED
    
    OF SECURITIES RATEDDBRS
    
    Pfd-1 (high)
    
    DS&P
    
    P-1 (high)
    
    D
    PREFERRED SHARECREDIT RATINGDBRS
    
    Pfd-2 (low)S&P
    
    P-2
  
 




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p. 16 Trading of our Securities
  BCE Inc. Common shares
 VOLUME2005
    
    HIGH
    
    
    LOW
    
    
    TRADEDDecember
    
    $
    28.350
    
    
    $
    26.750
    
    
    
    44,293,850November
    
    $
    30.500
    
    
    $
    26.450
    
    
    
    70,416,828October
    
    $
    31.810
    
    
    $
    28.600
    
    
    
    49,547,877September
    
    $
    33.000
    
    
    $
    30.500
    
    
    
    72,481,661August
    
    $
    31.330
    
    
    $
    29.650
    
    
    
    45,892,976July
    
    $
    30.140
    
    
    $
    28.830
    
    
    
    30,957,684June
    
    $
    29.740
    
    
    $
    28.350
    
    
    
    45,805,821May
    
    $
    30.240
    
    
    $
    28.330
    
    
    
    50,177,755April
    
    $
    30.460
    
    
    $
    29.760
    
    
    
    43,099,590March
    
    $
    30.250
    
    
    $
    28.940
    
    
    
    53,414,898February
    
    $
    29.810
    
    
    $
    28.710
    
    
    
    36,213,010January
    
    $
    30.110
    
    
    $
    28.750
    
    
    
    38,201,618
 BCE Inc. Preferred shares  Series R
 VOLUME2005
    
    HIGH
    
    
    LOW
    
    
    TRADEDDecember
    
    $
    26.000
    
    
    $
    25.500
    
    
    
    114,213November
    
    $
    26.250
    
    
    $
    25.040
    
    
    
    518,319October
    
    $
    25.500
    
    
    $
    25.200
    
    
    
    434,439September
    
    $
    25.430
    
    
    $
    25.000
    
    
    
    569,951August
    
    $
    25.750
    
    
    $
    25.010
    
    
    
    24,099July
    
    $
    25.840
    
    
    $
    25.360
    
    
    
    28,475June
    
    $
    25.850
    
    
    $
    25.200
    
    
    
    56,286May
    
    $
    26.250
    
    
    $
    24.760
    
    
    
    37,105April
    
    $
    26.000
    
    
    $
    25.210
    
    
    
    2,386,929March
    
    $
    26.010
    
    
    $
    25.500
    
    
    
    45,256February
    
    $
    26.060
    
    
    $
    25.280
    
    
    
    46,904January
    
    $
    26.250
    
    
    $
    25.670
    
    
    
    65,638
 BCE Inc. Preferred shares  Series S
 VOLUME2005
    
    HIGH
    
    
    LOW
    
    
    TRADEDDecember
    
    $
    25.450
    
    
    $
    25.010
    
    
    
    44,616November
    
    $
    25.500
    
    
    $
    25.020
    
    
    
    118,762October
    
    $
    25.350
    
    
    $
    25.100
    
    
    
    33,443September
    
    $
    25.450
    
    
    $
    25.020
    
    
    
    56,664August
    
    $
    25.370
    
    
    $
    24.960
    
    
    
    78,365July
    
    $
    25.240
    
    
    $
    25.000
    
    
    
    245,611June
    
    $
    25.400
    
    
    $
    24.900
    
    
    
    166,769May
    
    $
    25.090
    
    
    $
    24.750
    
    
    
    195,095April
    
    $
    25.050
    
    
    $
    24.850
    
    
    
    162,953March
    
    $
    25.140
    
    
    $
    24.900
    
    
    
    69,076February
    
    $
    25.250
    
    
    $
    24.860
    
    
    
    402,354January
    
    $
    25.190
    
    
    $
    24.850
    
    
    
    82,565
 BCE Inc. Preferred shares  Series Y
 VOLUME2005
    
    HIGH
    
    
    LOW
    
    
    TRADEDDecember
    
    $
    25.350
    
    
    $
    24.750
    
    
    
    22,075November
    
    $
    25.420
    
    
    $
    24.870
    
    
    
    28,155October
    
    $
    25.490
    
    
    $
    24.950
    
    
    
    14,325September
    
    $
    25.490
    
    
    $
    25.000
    
    
    
    16,780August
    
    $
    25.500
    
    
    $
    25.000
    
    
    
    11,850July
    
    $
    25.100
    
    
    $
    24.520
    
    
    
    19,350June
    
    $
    25.600
    
    
    $
    24.600
    
    
    
    5,395May
    
    $
    25.490
    
    
    $
    24.800
    
    
    
    10,325April
    
    $
    24.800
    
    
    $
    24.500
    
    
    
    7,975March
    
    $
    25.250
    
    
    $
    24.020
    
    
    
    7,790February
    
    $
    25.500
    
    
    $
    24.750
    
    
    
    4,215January
    
    $
    25.840
    
    
    $
    25.050
    
    
    
    6,305
 BCE Inc. Preferred shares  Series Z
 VOLUME2005
    
    HIGH
    
    
    LOW
    
    
    TRADEDDecember
    
    $
    26.750
    
    
    $
    25.850
    
    
    
    54,815November
    
    $
    26.750
    
    
    $
    26.060
    
    
    
    48,475October
    
    $
    26.990
    
    
    $
    26.010
    
    
    
    82,703September
    
    $
    26.890
    
    
    $
    26.150
    
    
    
    140,787August
    
    $
    26.990
    
    
    $
    26.250
    
    
    
    40,445July
    
    $
    26.900
    
    
    $
    26.150
    
    
    
    107,263June
    
    $
    27.050
    
    
    $
    26.000
    
    
    
    104,689May
    
    $
    27.150
    
    
    $
    26.300
    
    
    
    94,299April
    
    $
    27.400
    
    
    $
    26.000
    
    
    
    255,656March
    
    $
    27.100
    
    
    $
    26.000
    
    
    
    151,835February
    
    $
    27.150
    
    
    $
    26.500
    
    
    
    119,544January
    
    $
    27.250
    
    
    $
    26.700
    
    
    
    143,194




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##### Table of Contents



p. 17 BCE Inc. Preferred shares  Series AA
 VOLUME2005
    
    HIGH
    
    
    LOW
    
    
    TRADEDDecember
    
    $
    26.160
    
    
    $
    25.560
    
    
    
    518,189November
    
    $
    26.880
    
    
    $
    25.500
    
    
    
    3,934,677October
    
    $
    26.650
    
    
    $
    26.010
    
    
    
    146,561September
    
    $
    26.650
    
    
    $
    26.200
    
    
    
    178,023August
    
    $
    26.540
    
    
    $
    26.000
    
    
    
    51,050July
    
    $
    26.750
    
    
    $
    26.100
    
    
    
    236,840June
    
    $
    26.700
    
    
    $
    26.250
    
    
    
    355,690May
    
    $
    26.740
    
    
    $
    26.250
    
    
    
    65,063April
    
    $
    26.900
    
    
    $
    26.250
    
    
    
    183,576March
    
    $
    27.050
    
    
    $
    26.500
    
    
    
    311,950February
    
    $
    26.950
    
    
    $
    26.500
    
    
    
    185,203January
    
    $
    27.200
    
    
    $
    26.650
    
    
    
    700,110
 BCE Inc. Preferred shares  Series AC
 VOLUME2005
    
    HIGH
    
    
    LOW
    
    
    TRADEDDecember
    
    $
    26.800
    
    
    $
    25.400
    
    
    
    118,936November
    
    $
    26.800
    
    
    $
    25.250
    
    
    
    54,885October
    
    $
    26.990
    
    
    $
    26.360
    
    
    
    42,505September
    
    $
    26.950
    
    
    $
    26.460
    
    
    
    250,570August
    
    $
    26.950
    
    
    $
    26.010
    
    
    
    90,395July
    
    $
    27.000
    
    
    $
    26.300
    
    
    
    129,895June
    
    $
    26.840
    
    
    $
    26.250
    
    
    
    120,910May
    
    $
    26.950
    
    
    $
    26.500
    
    
    
    208,666April
    
    $
    27.150
    
    
    $
    26.450
    
    
    
    257,847March
    
    $
    27.300
    
    
    $
    26.500
    
    
    
    313,200February
    
    $
    27.250
    
    
    $
    26.750
    
    
    
    258,101January
    
    $
    27.490
    
    
    $
    26.950
    
    
    
    558,125
 
      2005
    
    
    2004
    
    
    2003Common
    
    $
    1.32
    
    
    $
    1.20
    
    
    $
    1.20Preferred shares Series P
    
    
    
    
    
    
    
    
    
    $
    1.40 Series R
    
    $
    1.441375
    
    
    
    1.5435
    
    
    
    1.5435 Series S
    
    $
    0.7546
    
    
    $
    0.66022
    
    
    $
    1.02094 Series Y
    
    $
    0.79798
    
    
    $
    0.66267
    
    
    $
    0.94637 Series Z
    
    $
    1.3298
    
    
    
    1.3298
    
    
    
    1.3298 Series AA
    
    $
    1.3625
    
    
    
    1.3625
    
    
    
    1.3625 Series AC
    
    $
    1.385
    
    
    $
    1.385
    
    
    $
    1.385
 
 ABOUT OUR BUSINESSES
 Residential Consumer Business Aliant Other Bell Canada Other BCE
 
  Residential, Business,
Aliant Other Bell Canada




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##### Table of Contents



p. 18   
 
 
 
 
 
 Local and access services
   
 
 
 
   Long distance services
   Wireless services
    
 
 
  Data services




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##### Table of Contents



p. 19   Video services
   direct-to-home (DTH) satellite
  very high bit rate DSL (VDSL)
  hybrid fibre co-axial cable
   Terminal Sales and Other
  
 
 
 
 Wholesale business
  Marketing and distribution channels
  
 
 
 




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##### Table of Contents



p. 20
     Networks
 Our
strategic priorities Business Highlights  2003 Highlights
   
 
 
 




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##### Table of Contents



p. 21
 Competition
   The regulatory environment we
operate in
  Wireline
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 




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##### Table of Contents



p. 22
 Wireless
   
 
  Internet access
    
 
 
 
  Video
  The regulatory environment we operate in
 Broadcasting Act
  
 
 
 
 
 Wholesale
   
  see Business Highlights  2005
Highlights  Key Acquisitions and Dispositions




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##### Table of Contents



p. 23
  The regulatory environment we operate in 
Broadcasting Act
 CTV
   The Globe and Mail
  Competition
        
 
 




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##### Table of Contents



p. 24
 
 OUR POLICY ON CORPORATE RESPONSIBILITY
  
 
    
 
 
 
        
 




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##### Table of Contents



p. 25 
 BUSINESS HIGHLIGHTS
   Key Acquisitions and Dispositions
 Acquisition of Nexxlink Technologies Inc. (Nexxlink)
  Acquisition of Entourage
 About BCE  Our employee
 Alliance with Clearwire Corporation (Clearwire)
    Acquisition of Cable VDN residential assets
  Alliance with Rogers to build nationwide wireless broadband network
  Sale of Bell Globemedia interest
   Sale of CGI interest




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##### Table of Contents



p. 26 Strategic announcement of February 1, 2006
  Formation of rural lines income trust
   Proposed public offering for Telesat
   Normal course issuer bid
  Formation of regional telecommunications service provider
       Key Developments
 Canadian broadcast media rights for Olympics
  Introduction of Bell Digital Voice
  Other Developments
 Labour Agreements




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p. 27   
 
 
 
 
 
 
 
 
 
 
 
 




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p. 28 
   
 
 
 
 
 
 
 
  
 THE REGULATORY ENVIRONMENT WE OPERATE IN
    
     Telecommunications Act




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p. 29  Bell Canada Act
 Bell Canada Act
 Telecommunications Act
 Telecommunications Act
 Telecommunications Act Telecommunications
Act
 Telecommunications Act
 
  2 3
 
 
  Broadcasting Act
 Broadcasting Act roadcasting Act
 
 
  
 
 
  2 3 2 3




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##### Table of Contents



p. 30    Radiocommunication Act
 Radiocommunication Act
 
 
  
 
 
 
 Radiocommunication Regulations Telecommunications Act
 Radiocommunication Act R. v. DArgy and Theriault Canadian Charter of Rights and Freedoms (Charter) Radiocommunication Act
 
   Second price cap decision
  
 
 
 
 
    
 
 




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##### Table of Contents



p. 31   Forbearance from
regulation of local exchange services
 Competitor Digital Network Service
     Retail quality of service indicators
 About BCE
 Our employees
  Decision on incumbent affiliates
  




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##### Table of Contents



p. 32 
 
   Application seeking consistent regulation and regulation for VoIP
      Winback Rules




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##### Table of Contents



p. 33 Charter Charter
 Forbearance from regulation of local exchange services
  Price floor safeguards for retail services
   Application to Change Bundling Rules
   Wireless Number Portability
 Implementation of Wireless Number
Portability
 Regulatory issues related to the implementation of
wireless number portability
 Access to Bell Canada Loops For Competitor Local Exchange Carriers Customers Served Via Remotes
 CRTC
Telecommunications Rules of Procedure




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##### Table of Contents



p. 34   
   Foreign ownership review
 Telecommunications Act
  
  Our cultural
sovereignty
 
 Licences and changes to wireless regulation
 Radiocommunication Act
   Lawful access consultation




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##### Table of Contents



p. 35  
 LEGAL PROCEEDINGS WE ARE INVOLVED IN
   Purported Class Action Concerning Wireless Access Charges
 Class Actions Act
 Competition Act
  Purported
Class Action Concerning Bell Mobility
 Billing System
   Purported
Class Action Concerning Bell Express Vu
 Late Payment Charges
 Class Proceedings Act, 1992
 Criminal Code
 Videotron Litigation




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##### Table of Contents



p. 36 Purported Class Action Concerning Bell
Distribution Inc. (BDI) decision not to proceed with a
Wireless Income Fund transaction and changes to Dealer
Agreements and/or the Remuneration Program
   Wage Practices investigation
        Teleglobe lending syndicate lawsuit
    
 




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##### Table of Contents



p. 37 BNP Paribas (Canada) lawsuit
   Teleglobe Unsecured Creditors Lawsuit
   VarTec lawsuit
  Securities
Exchange Act
    
 
  Kroll Restructuring lawsuit
   Canada Business Corporations Act




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##### Table of Contents



p. 38 Teleglobe Plan Administrator Lawsuit
 Canada Business
Corporations Act Canada Business Corporations Act
  Bell Globemedia lawsuit
      
 ASSUMPTIONS MADE IN THE PREPARATION OF FORWARD-LOOKING STATEMENTS AND RISKS THAT COULD AFFECT OUR BUSINESS AND RESULTS
      Assumptions about the Canadian economy
 
 
 




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##### Table of Contents



p. 39 Market assumptions
 
 
 
 
 
 
 Operational and financial assumptions
 Subscribers and services
 
 
 Financial
 
 
 
 
 
 Assumptions about Transactions
 
 
 
 
   Strategies and plans
  Our strategic priorities Our strategic priorities
  
 
  Economic and market conditions




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##### Table of Contents



p. 40   Increasing competition
    Wireline and long distance
      Internet access
   Wireless




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##### Table of Contents



p. 41 Video
  Transforming our cost structure and
containing capital intensity
     Anticipating technological change and investing in
new technologies, products and services
       Liquidity
    
 
 
 




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##### Table of Contents



p. 42      
 
 
  Acquisitions and dispositions
    Litigation, regulatory matters and changes in laws
  Securities
Act of Ontario
 Legal proceedings
we are involved in
 The regulatory environment we operate in
 Funding and control of subsidiaries




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##### Table of Contents



p. 43 Legal proceedings we are involved in
 Pension fund contributions
   
 
  Renegotiating labour agreements
   Events affecting our networks
   Software and system upgrades
  Regional Telecommunications Service Provider
  
 
 
 
 
 
 
 




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##### Table of Contents



p. 44    
 
 
 
 
   Telesat
   Holding company structure
  Stock market volatility
  RISKS THAT COULD AFFECT CERTAIN
BCE GROUP COMPANIES
  Changes to wireline regulation
 Decisions of regulatory agencies
 The regulatory
environment we operate in




---



##### Table of Contents



p. 45 Second Price Cap decision
     
 
   Competitor Digital Network Service
   
 
 Retail quality of service indicators
  force majeure
  Decision of VoIP Regulation




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##### Table of Contents



p. 46   
 
 
 
 
   Forbearance from regulation of local exchange services
  Price floor safeguards for retail services
   Application to change bundling rules
    
 
  Bell Canada proposals to Telecom Policy Review Panel




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##### Table of Contents



p. 47 Access to Bell Canada loops for Competitor
Local Exchange Carriers customers served via
remotes
   Wireless number portability
  Regulatory issues related to the implementation of
wireless number portability
 Licences and changes to wireless regulation
 Radiocommunication Act
   Revenue from major customers
  Competition Bureaus investigation concerning system access fees
 Competition Act Competition Act
  Competition Act




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##### Table of Contents



p. 48 Potential legislation restricting in-vehicle use of cellphones
  Health concerns about radio frequency emissions
  Bell ExpressVu
  Risks that could affect
certain BCE group companies  Telesat
    R. v. DArgy and Theriault (DArgy Case) Radiocommuni-cation Act Charter DArgy Case Radiocommunication Act DArgy
Case
 Bell Globemedia
 Dependence on advertising




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##### Table of Contents



p. 49 Increasing fragmentation in television markets
  Revenues from distributing television services
  Increased competition for fewer print customers
  Broadcast licences and CRTC decisions
 Broadcasting Act
 Telesat
 Satellite industry risks




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##### Table of Contents



p. 50      Business risks and competition
     Foreign exchange risk
  Government regulations
    
 MANAGEMENTS DISCUSSION AND ANALYSIS
 Managements discussion
and analysis




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##### Table of Contents



p. 51 
 FOR MORE INFORMATION
   
 
 
 
 
    e-mail to
investor.relations@bce.ca.
       Shareholder inquiries
    
    
    1-800-561-0934Investor relations
    
    
    1-800-339-6353




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##### Table of Contents



p. 52 
 SCHEDULE
1  AUDIT COMMITTEE INFORMATION
    NAME
    
    INDEPENDENT?
    
    
    FINANCIALLY LITERATE?T.C.
ONeil  Chair
    
    Yes
    
    YesA. Bérard
    
    Yes
    
    YesJ. Maxwell
    
    Yes
    
    YesR.C. Pozen
    
    Yes
    
    YesV.L. Young
    
    Yes
    
    Yes
  T.C.
ONeill  Chair
  A. Bérard
  J. Maxwell
  R.C. Pozen
  V.L. Young
            
 
 




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##### Table of Contents



p. 53 
    (in $ millions)
    
    2005
    
    
    2004Audit fees
    
    $
    12.2
    
    
    $
    11.4Audit-related fees
    
    $
    1.9
    
    
    $
    3.1Tax fees
    
    $
    1.4
    
    
    $
    1.9Other fees
    
    $
    
    
    
    $
    Total
    
    $
    15.5
    
    
    $
    16.4
 Audit fees
  Audit-related fees
  Tax fees
  Other fees




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##### Table of Contents



p. 54 SCHEDULE
1A  BCE INC.  AUDIT COMMITTEE CHARTER
  
   A. Financial reporting and control
              B. Oversight of the shareholders auditor




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p. 55               C. Oversight of internal audit
      D. Oversight of the Corporations internal control system




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##### Table of Contents



p. 56 E. Oversight of the Corporations risk management
    F. Oversight of the Corporations environmental risks
   G. Compliance with legal requirements




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p. 57




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##### Table of Contents



p. 58 
 SCHEDULE
2  GLOSSARY
 1xRTTmeans single carrier radio transmission technology;3Gmeans third generation;360 networksmeans 360networks Corporation;AIFmeans this Annual Information Form;Aliantmeans Aliant Inc.;Aliant Telecommeans Aliant Telecom Inc.;AMPsmeans Administrative Monetary Penalties;ATMmeans asynchronous transfer mode;BCEmeans BCE Inc., its subsidiaries and joint ventures;BCHmeans Bell Canada Holdings Inc.;BCImeans Bell Canada International Inc.;BDImeans Bell Distribution Inc.;BDUsmeans broadcasting distribution undertakings;Bell ExpressVumeans Bell ExpressVu Limited Partnership;Bell Globemediameans Bell Globemedia Inc.;Bell Mobilitymeans Bell Mobility Inc.;Cable VDNmeans Cable VDN Inc.;Call-Netmeans Call-Net Enterprises Inc.;CanWestmeans CanWest Global Communications Corp.;CATUmeans the Council of Atlantic Telecommunication Unions;CDNmeans competitor digital network;CEPmeans the Communications, Energy and Paperworkers Union of Canada;CGImeans CGI Group Inc.;Chartermeans The Canadian Charter of Rights and Freedoms;CIBCmeans Canadian Imperial Bank of Commerce;CIDAmeans Canadian International Development Agency;CIRBmeans the Canada Industrial Relations Board;Ciscomeans Cisco Systems Canada;Clearwiremeans Clearwire Corporation;CLECmeans competitive local exchange carrier;Cogecomeans Cogeco Cable Inc.;Computersharemeans Computershare Trust Company of Canada;CRTCmeans the Canadian Radio-television and Telecommunications Commission;CSAsmeans customer-specific arrangements;CTEAmeans the Canadian Telecommunications Employees Association;CTVmeans CTV Inc.;DBRSmeans Dominion Bond Rating Service Limited;Demand Lettermeans letter of demand dated January 30, 2006 from the Independent Communication Dealer Association of Canada and its Bell independent dealers;DSLmeans digital subscriber line;DTHmeans direct-to-home;Eastlinkmeans Eastlink Communications;Emergismeans Emergis Inc.;Enterprisemeans large enterprise;Entouragemeans Entourage Technology Solutions Inc.;ERIPmeans Early Retirement Incentive Program;EVDOmeans Evolution, Data Optimized;Expertechmeans Expertech Network Installation Inc.;Fitchmeans Fitch Ratings Ltd.;FTTNmeans fibre-to-the-node;GeSImeans Global e-Sustainability Initiative;Global Compactmeans the United Nations Global Compact;GPSmeans Global Positioning System;Group Telecommeans GT Group Telecom Services Corporation;GSMmeans Global System for Mobile Communications;HD PVRmeans high-definition personal video recorder;ICTmeans information and communications technology;Inukshukmeans the Inukshuk joint venture;IOCmeans International Olympic Committee;IPmeans Internet Protocol;IP-MPLSmeans IP multi-protocol label-switching;IPTVmeans video over Internet Protocol;IP-VPNmeans IP virtual private networks;IS/ITmeans information systems / information technologies;ISPsmeans Internet service providers;Kbpsmeans kilobits per second;Mbpsmeans megabits per second;MDUmeans multiple-dwelling unit;Microsoftmeans Microsoft Corporation;Mixed CSAsmeans CSA that includes both tariffed and non-tariffed services;Moodysmeans Moodys Investors Service, Inc.;MPLSmeans multi-protocol label switching;MT&T Mobilitymeans MT&T Mobility Inc.;MTNsmeans medium term notes;MTSmeans Manitoba Telecom Services Inc.;NASmeans network access services;Nexxlinkmeans Nexxlink Technologies Inc.;NLOSmeans non line-of-sight;Nortel Networksmeans Nortel Networks Corporation;NorthernTelmeans NorthernTel, Limited Partnership;Northwestelmeans Northwestel Inc.;NYSEmeans New York Stock Exchange;Panelmeans Telecom Policy Review Panel;PCSmeans personal communications services;Primusmeans Primus Telecommunications Canada Inc.;PTTmeans push-to-talk;Purchasermeans 6223141 Canada Inc.;PVRsmeans personal video recorders;Rogersmeans Rogers Communications Inc.;Rogers Cablemeans Rogers Cable Inc.;Rogers Telecommeans Rogers Telecom Inc.;Rogers Wirelessmeans Rogers Wireless Inc.;




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p. 59 S&Pmeans Standard & Poors, a division of The McGraw-Hill Companies, Inc.;SAFsmeans system access fees;SaskTelmeans SaskTel Telecommunications;SFUsmeans single family units;SMBmeans small and medium businesses;Smistonmeans Smiston Communications Inc.;STBmeans set-top box;Teachersmeans Ontario Teachers Pension Plan;Télébecmeans Télébec, Limited Partnership;Teleglobemeans Teleglobe Inc.;Telesatmeans Telesat Canada;Telus Communicationsmeans Telus Corporation;Torstarmeans Torstar Corporation;TSXmeans Toronto Stock Exchange;VarTecmeans VarTec Telecom, Inc. and VarTec Holding Company;VASmeans value-added services;VCIOmeans virtual chief information officer;VDSLmeans very high bit rate DSL;Vidéotronmeans Vidéotron ltée;VoIPmeans Voice over Internet Protocol;VPNmeans virtual private network;WANmeans wide area network;Woodbridgemeans The Woodbridge Company Limited;Yellow Pages Groupmeans YPG LP and YPG General Partner Inc.




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WWW.BCE.CA




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SIGNATURES
  BCE Inc.By:
    (signed) Siim A. VanaseljaSiim A. VanaseljaChief Financial OfficerDate:  March 10, 2006




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LIST OF EXHIBITS
TO FORM 40-F
 Bell Canada Enterprises 2005 Annual Report
    
    Exhibit 99.1Consent of Independent Registered Chartered Accountants
    
    Exhibit 99.2Comments by Auditors for U.S. Readers on Canada-U.S.
Reporting Differences
    
    Exhibit 99.3Certifications of the Chief Executive Officer and the Chief Financial Officer
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Exhibit 99.31Certification of the Chief Executive Officer and the Chief Financial Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
    
    Exhibit 99.32