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Taxis are not all yellow, so look for the lit-up taxi light on top of any ordinary looking car. And of course you'll be driven by Montreal drivers, so hold on! Taxis can normally hold 4 passengers - 3 in the back, 1 in the front. Taxis can be hailed in the street or found at a taxi stand throughout downtown -- you take the first car at the stand, and you're not allowed to hail a cab within 60 meters (around half a block) of a stand.
Taxis all use meters, you don't negotiate, and there is no surcharge for evening service. As of January 28, 2012, fees are $3.45 to start, $1.7 per kilometre, and $0.63 for each minute stuck in traffic. There is a fixed price to travel from/to the airport and the downtown core of $40, and a minimum of $17 when leaving the airport for other destinations. It is standard practice to tip a taxi driver anywhere from 10%-20%
You can phone for a cab, too, but you'll have to give an address and name — if you are outside, simply look for the number of a building and stand in the doorway; if you manage to hail a taxi before yours comes, it would be polite to phone back and cancel. Try: Taxi Diamond (514-273-6331), Taxi Co-op (514-725-9885), Taxi Hochelaga (514-256-9033), Taxi Champlain (514-273-2435), and Taxi Turcot (514-825-8743). A complete list can be found on http://www.canada411.ca/.
You can also reserve a taxi in advance.
In addition to cabs, limousines are available for travelling in style; they can be reserved by your hotel or you can call a company directly, and your fare should be agreed on beforehand. Catching a limo at the airport without a reservation means a fixed fee of $55 to downtown, and various fixed prices to other destinations (see this document for maps on pages 10 (Montréal) and 13 (suburbs), and an appendix of prices to other towns in Québec; if your destination is not listed, it should be similar to the closest one that is. If you reserve your limo beforehand, they can set their own prices.)
Montréal has around 450 special taxis for handicapped persons -- 2 automatic wheelchairs can fit into 1 mini van taxi. Rates are the same as for regular taxis, and this service is available 24/7, 365 days a year. For a list of companies that offer this service visit the portal of taxi drivers in Québec : Montreal Taxi adapté list. This site gives you the companies which offer the most reliable service for handicap transport.
A safety note for taking cabs/taxis ANYWHERE not just Montreal: for travelers and people in their home cities. Be observant; make note of the taxi company, the number of the cab and/or number and/or name of the driver (especially at night). Usually this is to recover lost items or report bad service. There was an incident where a driver refused credit card payment; and subsequently stole from a passenger. While this is extremely rare; because the passenger had no information to give police or the taxi association no followup could be done.