ITEM 8.01. Other Events.

On January 27, 2022, 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 25, 2022 to holders of record at the close of business on March 25, 2022. 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 27, 2022.

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

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