INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income	$ 409	$ 434
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	192	160
Deferred income tax expense	39	38
Pension recovery and funding	(65)	(88)
Foreign exchange loss (gain) on debt and lease liabilities	215	(45)
Other operating activities, net	(72)	45
Change in non-cash working capital balances related to operations	(229)	(131)
Cash provided by operating activities	489	413
Investing activities
Additions to properties	(355)	(224)
Proceeds from sale of properties and other assets	2	6
Other investing activities	(9)	(1)
Cash used in investing activities	(362)	(219)
Financing activities
Dividends paid	(114)	(91)
Issuance of CP Common Shares	24	4
Purchase of CP Common Shares	(501)	(207)
Issuance of long-term debt, excluding commercial paper	959	397
Repayment of long-term debt, excluding commercial paper	(15)	(5)
Net repayment of commercial paper	(553)	0
Increase in short-term borrowings	145	0
Other financing activities	11	0
Cash (used in) provided by financing activities	(44)	98
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	31	(1)
Cash position
Increase in cash and cash equivalents	114	291
Cash and cash equivalents at beginning of period	133	61
Cash and cash equivalents at end of period	247	352
Supplemental disclosures of cash flow information:
Income taxes paid	139	149
Interest paid	$ 157	$ 149