INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - CAD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 602	$ 409
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	202	192
Deferred income tax expense	51	39
Pension recovery and funding	(61)	(65)
Foreign exchange (gain) loss on debt and lease liabilities	(33)	215
Other operating activities, net	(88)	(72)
Change in non-cash working capital balances related to operations	(91)	(229)
Cash provided by operating activities	582	489
Investing activities
Additions to properties	(323)	(355)
Proceeds from sale of properties and other assets	37	2
Other investing activities	0	(9)
Cash used in investing activities	(286)	(362)
Financing activities
Dividends paid	(127)	(114)
Issuance of CP Common Shares	8	24
Purchase of CP Common Shares	0	(501)
Issuance of long-term debt, excluding commercial paper	0	959
Repayment of long-term debt, excluding commercial paper	(21)	(15)
Net issuance (repayment) of commercial paper	93	(553)
Net increase in short-term borrowings	0	145
Acquisition-related costs, Financing activities	(33)	0
Other financing activities	0	11
Cash used in financing activities	(80)	(44)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(3)	31
Cash position
Increase in cash and cash equivalents	213	114
Cash and cash equivalents at beginning of period	147	133
Cash and cash equivalents at end of period	360	247
Supplemental disclosures of cash flow information:
Income taxes paid	133	139
Interest paid	$ 155	$ 157