SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   __________

                                  SCHEDULE 13G

             INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                            QLT Phototherapeutic Inc.
                    -----------------------------------------
                                (Name of Issuer)

                                  Common Stock
                    -----------------------------------------
                         (Title of Class of Securities)

                                    74692710
                                 --------------
                                 (CUSIP Number)

                                   __________

    Check the following box if a fee is being paid with this statement |X|.

                                Page 1 of 7 Pages

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                                                                    SCHEDULE 13G

CUSIP No. 74692710                                           Page 2 of  7  Pages
- --------------------------------------------------------------------------------
1)       NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  T.A.L. Investment Counsel Ltd.

- --------------------------------------------------------------------------------
2)       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP    (a)     |_|

                                                             (b)     |_|

- --------------------------------------------------------------------------------
3)       SEC USE ONLY


- --------------------------------------------------------------------------------
4)       CITIZENSHIP OR PLACE OF ORGANIZATION

                  Canada

- --------------------------------------------------------------------------------
                               5)     SOLE VOTING POWER
                                      1,179,975 shares of Common Stock
         NUMBER                -------------------------------------------------
         OF                    6)     SHARED VOTING POWER
         SHARES                        Not applicable
         BENEFICIALLY          -------------------------------------------------
         OWNED BY              7)     SOLE DISPOSITIVE POWER
         EACH                         1,373,600 shares of Common Stock
         REPORTING             -------------------------------------------------
         PERSON                8)     SHARED DISPOSITIVE POWER
         WITH                         Not applicable
- --------------------------------------------------------------------------------
9)       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
         PERSON
                               1,375,850 shares of Common Stock

- --------------------------------------------------------------------------------
10)      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
         SHARES                                                    |_|

- --------------------------------------------------------------------------------
11)      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
                  6.78%

- --------------------------------------------------------------------------------
12)      TYPE OF REPORTING PERSON
                  IA
- --------------------------------------------------------------------------------

                                       -2-

<PAGE>

                                  Schedule 13G

ITEM 1(A). NAME OF ISSUER:

           QLT Phototherapeutic Inc.

ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:  
           QLT Place, 520 West 6th Avenue, Vancouver, British Columbia V5Z 4H5

ITEM 2(A). NAME OF PERSON FILING:

           T.A.L. Investment Counsel Ltd.

ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:

           The principal  business office is 1000 de la Gauchetiere  West, Suite
           3100, Montreal, Quebec, Canada H3B 4W5

ITEM 2(C). CITIZENSHIP:

           Canada

ITEM 2(D). TITLE OF CLASS OF SECURITIES:

           Common Stock

ITEM 2(e). CUSIP NUMBER:

           74692710

ITEM 3.    IF THIS STATEMENT IS FILED PURSUANT TO RULES  13d-1(b),  OR 13d-2(b),
           CHECK WHETHER THE PERSON FILING IS A:

           (e)  |X|  Investment  Adviser  registered  under  Section  203 of the
                     Investment Advisers Act of 1940

ITEM 4.    OWNERSHIP.

           (a) Amount beneficially owned: 1,375,850 shares of Common Stock

           (b) percent of class: 6.78%

           (c) Number of shares as to which such person has:

                                       -3-

<PAGE>

           (i)    Sole power to vote or to direct the vote:  1,179,975 shares of
                  Common Stock

           (ii)   Shared power to vote or to direct the vote: Not applicable

           (iii)  Sole  power  to  dispose  or to  direct  the  disposition  of:
                  1,373,600 shares of Common Stock

           (iv)   Shared power to dispose or to direct the  disposition of : Not
                  applicable


ITEM 5.    OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

           Not applicable

ITEM 6.    OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

           Various  persons have the right to receive or the power to direct the
           receipt of  dividends  from,  or the  proceeds  from the sale of, the
           common stock of QLT Phototherapeutic Inc. No one person's interest in
           the  common  stock of QLT  Phototherapeutic  Inc.  is more  than five
           percent of the total outstanding common stock.

ITEM 7.    IDENTIFICATION  AND  CLASSIFICATION  OF THE SUBSIDIARY WHICH ACQUIRED
           THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

           Not applicable

ITEM 8.    IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.

           Not applicable

ITEM 9.    NOTICE OF DISSOLUTION OF GROUP.

           Not applicable

ITEM 10.   CERTIFICATION.

           By signing  below I certify  that,  to the best of my  knowledge  and
           belief,  the  securities  referred  to  above  were  acquired  in the
           ordinary  course of business and were not acquired for the purpose of
           and do not have the effect of changing or influencing  the control of
           the issuer of such  securities  and were not  acquired in  connection
           with or as a participant  in any  transaction  having such purpose or
           effect.


                                       -4-

<PAGE>

                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the  information  set forth in this Schedule 13G in connection with
T.A.L. Investment Counsel Ltd.'s beneficial ownership of the common stock of QLT
Phototherapeutic Inc. at December 31, 1995 is true, complete and correct.


Date: August 5, 1996

                                       T.A.L. INVESTMENT COUNSEL LTD.



                                       /s/ Assunta Di Lorenzo
                                       ----------------------
                                       By: Assunta Di Lorenzo
                                           Legal Counsel and Corporate Secretary




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