ITEM 8.01. Other Events.

On October 19, 2021, Canadian Pacific Railway Limited (the "Corporation") issued a press release announcing that the Corporation's board of directors declared a quarterly dividend of $0.19 per share on the Corporation's outstanding common shares. The dividend is payable on January 31, 2022 to holders of record at the close of business on December 31, 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 October 19, 2021.

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

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