ITEM 8.01. Other Events.

On January 26, 2021, Canadian Pacific Railway Limited (the "Corporation") issued a press release announcing that the Corporation's board of directors declared a quarterly dividend of $0.95 per share on the Corporation's outstanding common shares. The dividend is payable on April 26, 2021 to holders of record at the close of business on March 26, 2021. A copy of this press release is attached as Exhibit 99.1.

ITEM 9.01. Financial Statements and Exhibits.






(d) Exhibits



Exhibit No.                                Exhibit Description
Exhibit 99.1     Press Release dated January 26, 2021.
Exhibit 104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

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