ITEM 8.01. Other Events.

On January 31, 2023, Canadian Pacific Railway Limited (the "Corporation") issued a press release announcing that the Corporation's board of directors declared a quarterly dividend of $0.19 per share on the Corporation's outstanding common shares. The dividend is payable on April 24, 2023 to holders of record at the close of business on March 31, 2023. 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 31, 2023.

Exhibit 104     Cover Page Interactive Data File (embedded within the Inline XBRL
                document).

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