CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 2,444	$ 2,440	$ 1,951
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	779	706	696
Deferred income tax expense	221	181	256
Pension recovery and funding	(250)	(360)	(321)
Foreign exchange (gain) loss on debt and lease liabilities	(14)	(94)	168
Settlement of forward starting swaps on debt issuance	0	0	(24)
Other operating activities, net	11	143	(79)
Change in non-cash working capital related to operations	(389)	(26)	65
Cash provided by operating activities	2,802	2,990	2,712
Investing activities
Additions to properties	(1,671)	(1,647)	(1,551)
Investment in Detroit River Tunnel Partnership	(398)	0	0
Investment in Central Maine & Quebec Railway	19	(174)	0
Proceeds from sale of properties and other assets	22	26	78
Other investing activities	(2)	(8)	15
Cash used in investing activities	(2,030)	(1,803)	(1,458)
Financing activities
Dividends paid	(467)	(412)	(348)
Issuance of CP Common Shares	52	26	24
Purchase of CP Common shares	(1,509)	(1,134)	(1,103)
Issuance of long-term debt, excluding commercial paper	958	397	638
Repayment of long-term debt, excluding commercial paper	(84)	(500)	(753)
Net issuance of commercial paper	270	524	0
Net increase in short-term borrowings	5	0	0
Other financing activities	11	(12)	0
Cash used in financing activities	(764)	(1,111)	(1,542)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	6	(4)	11
Cash position
Increase (decrease) in cash and cash equivalents	14	72	(277)
Cash and cash equivalents at beginning of year	133	61	338
Cash and cash equivalents at end of year	147	133	61
Supplemental disclosures of cash flow information:
Income taxes paid	582	506	318
Interest paid	$ 443	444	$ 463
CMQ
Investing activities
Investment in Detroit River Tunnel Partnership		$ (174)