CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 2,440	$ 1,951	$ 2,405
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	706	696	661
Deferred income taxes	181	256	(210)
Pension recovery and funding	(360)	(321)	(237)
Foreign exchange (gain) loss on debt and lease liabilities	(94)	168	(186)
Settlement of forward starting swaps on debt issuance	0	(24)	0
Other operating activities, net	143	(79)	(113)
Change in non-cash working capital related to operations	(26)	65	(138)
Cash provided by operating activities	2,990	2,712	2,182
Investing activities
Additions to properties	(1,647)	(1,551)	(1,340)
Investment in Central Maine & Quebec Railway	(174)
Proceeds from sale of properties and other assets	26	78	42
Other investing activities	(8)	15	3
Cash used in investing activities	(1,803)	(1,458)	(1,295)
Financing activities
Dividends paid	(412)	(348)	(310)
Issuance of CP Common Shares	26	24	45
Purchase of CP Common shares	(1,134)	(1,103)	(381)
Issuance of long-term debt, excluding commercial paper	397	638	0
Repayment of long-term debt, excluding commercial paper	(500)	(753)	(32)
Net issuance of commercial paper	524	0	0
Settlement of forward starting swaps on de-designation	0	0	(22)
Other financing activities	(12)	0	0
Cash used in financing activities	(1,111)	(1,542)	(700)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(4)	11	(13)
Cash position
Increase (decrease) in cash and cash equivalents	72	(277)	174
Cash and cash equivalents at beginning of year	61	338	164
Cash and cash equivalents at end of year	133	61	338
Supplemental disclosures of cash flow information:
Income taxes paid	506	318	425
Interest paid	444	463	475
CMQ
Investing activities
Investment in Central Maine & Quebec Railway	$ (174)	$ 0	$ 0