I don't know much about Montreal airport but it can be hit or miss whether "partner" airlines will check your bags all the way through. Hopefully because you are starting with Icelandair you should be OK. I have noticed when starting with the smaller airline internationally I have had to gather luggage and re-check.
Either way, I still think 1.5 hours is doable as I would hope the Porter check-in process is short.
I have a very tight connection in Frankfurt in a couple of weeks and find it best just not to stress about these things. You do the best you can and if you miss, deal with it then. It's only an inconvenience when all is said and done..
Icelandair really treated you like crap through this.
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