INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net income	CAD 540	CAD 320
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	162	146
Deferred income taxes	93	32
Pension funding in excess of expense	(42)	(10)
Foreign exchange (gain) loss on long-term debt	(181)	64
Other operating activities, net	(66)	(41)
Change in non-cash working capital balances related to operations	(288)	44
Cash provided by operating activities	218	555
Investing activities
Additions to properties	(278)	(263)
Proceeds from sale of properties and other assets	60	52
Other	0	20
Cash used in investing activities	(218)	(191)
Financing activities
Dividends paid	(54)	(58)
Issuance of CP Common Shares	5	16
Purchase of CP Common Shares	0	(529)
Issuance of long-term debt, excluding commercial paper	0	810
Repayment of long-term debt, excluding commercial paper	(11)	(58)
Net repayment of commercial paper	0	(593)
Other	(2)	0
Cash used in financing activities	(62)	(412)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(17)	6
Cash position
Decrease in cash and cash equivalents	(79)	(42)
Cash and cash equivalents at beginning of period	650	226
Cash and cash equivalents at end of period	571	184
Supplemental disclosures of cash flow information:
Income taxes paid (refunded)	192	(3)
Interest paid	CAD 155	CAD 67