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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on August&nbsp;30, 2005</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">Washington, D.C. 20549</DIV>



<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>FORM S-8</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933

</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>CANADIAN PACIFIC RAILWAY LIMITED</B></DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as specified in its Charter)</DIV>



<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT style="border-bottom: 1px solid #000000; width: 1%"><B>Canada</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top"><FONT style="border-bottom: 1px solid #000000; width: 1%"><B>98-0355078</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Suite&nbsp;500<BR>
401-9<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<BR>
Calgary, Alberta, Canada T2P 4Z4</B><BR>
<FONT style="font-size:9pt">(Address of principal executive offices)</FONT>

</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Canadian Pacific Railway Limited Employee Share Purchase Plan (US)</B><BR>
<FONT style="font-size:9pt">(Full title of the plan)</FONT>

</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>William Tuttle<BR>
Soo Line Railroad Company<BR>
501 Marquette, Suite&nbsp;800<BR>
Minneapolis, Minnesota 55402<BR>
(612)&nbsp;904-5967</B><BR>
<FONT style="font-size:9pt">(Name, address and telephone number, including area code, of agent for service)</FONT>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Copy to:<BR>
<B>Robert P. Freeman, Sidley Austin Brown &#038; Wood LLP<BR>
10 South Dearborn Street, Chicago, Illinois 60603, (312)&nbsp;853-7000</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" align="center" nowrap style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><B>Title of securities<BR>
to be registered (1)</B>
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" nowrap valign="top" style="border-top: 1px solid #000000"><B>Amount to be
<BR>registered</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top" style="border-top: 1px solid #000000"><B>Proposed maximum<BR>
offering price per<BR>
share (2)</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top" style="border-top: 1px solid #000000"><B>Proposed maximum<BR>
aggregate offering<BR>
price (2)</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top" style="border-top: 1px solid #000000"><B>Amount of<BR>
registration<BR>
fee</B>
</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" nowrap style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Shares,
without par <BR>value
(including Common<BR>
Share Purchase Rights)
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">600,000 Common<BR>
Shares (3)
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">38.68</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">23,208,000</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">2,731.58</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rights are initially carried and traded with the Common Shares of the Registrant. Value
attributable to such rights, if any, is reflected in the market price of the Common Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The offering price has been estimated solely for the purpose of determining the registration
fee pursuant to Rule&nbsp;457(h)(1) and (c)&nbsp;on the basis of the average of the high and low prices
of the Common Shares as reported on the New York Stock Exchange on August&nbsp;24, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Plus such additional number of Common Shares as may be issuable pursuant to the anti-dilution
provisions of the Canadian Pacific Railway Limited Employee Share Purchase Plan (US), in
accordance with Rule 416(a) under the Securities Act of 1933.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information.*</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information.*</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="o17773exv4w4.htm">Employee Share Purchase Plan (US)</A></TD></TR>
<TR><TD colspan="9"><A HREF="o17773exv23.htm">Consent of Pricewaterhouse Coopers LLP</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>

</DIV>
<!-- link2 "Item&nbsp;1. Plan Information.*" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.&nbsp;&nbsp;Plan Information.</B>*
</DIV>

<!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information.*" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.&nbsp;&nbsp;Registrant Information and Employee Plan Annual Information.</B>*
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This registration statement relates to securities of the Registrant to be offered pursuant to
the Canadian Pacific Railway Limited Employee Share Purchase Plan (US), as indicated on the
facing sheet hereof. Information required by Part&nbsp;I to be contained in the Section 10(a)
prospectus related to this plan is omitted from this registration statement in accordance with
Rule&nbsp;428 under the Securities Act of 1933 and the Note to Part&nbsp;I of Form S-8.</TD>
</TR>

</TABLE>
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3.&nbsp;&nbsp;Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents heretofore filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), are
incorporated by reference in the Registrant&#146;s registration statement:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s annual report on Form 40-F for the fiscal year ended December
31, 2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All reports filed by the Registrant (File No.&nbsp;1-1342) pursuant to Section 13(a)
or 15(d) of the Exchange Act since December&nbsp;31, 2004; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s description of its Common Shares and Common Share Purchase
Rights, as set forth in the Registrant&#146;s Registration Statement on Form 8-A/A filed
with the Commission on May&nbsp;12, 2005 (File No.&nbsp;1-1342), including any amendment or
report filed for the purpose of updating such descriptions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in this registration statement and to be part
thereof from the date of filing of such documents.
</DIV>

<!-- link2 "Item&nbsp;4. Description of Securities." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4.&nbsp;&nbsp;Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Required
</DIV>

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.&nbsp;&nbsp;Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
</DIV>

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6.&nbsp;&nbsp;Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;124 of the Canada Business Corporations Act (&#147;CBCA&#148;), which governs the Registrant,
provides that the Registrant may indemnify a director or officer of the Registrant, a former
director or officer of the Registrant or another individual who acts or acted at the Registrant&#146;s
request as a director or officer, or an individual acting in a similar capacity, of another entity
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative,
investigative or other proceeding in which the individual is involved because of their association
with the Registrant or other entity; provided that the Registrant may not indemnify an individual
referred to above unless the individual
</DIV>


<P align="center" style="font-size: 10pt">-1-
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;acted honestly and in good faith with a view to the best interests of the Registrant, or, as
the case may be, to the best interests of the other entity for which the individual acted as
director or officer or in a similar capacity at the Registrant&#146;s request; and (b)&nbsp;in the case of a
criminal or administrative action or proceeding that is enforced by a monetary penalty, the
individual had reasonable grounds for believing that the individual&#146;s conduct was lawful. The
Registrant may advance moneys to a director, officer or other individual for the costs, charges and
expenses of a proceeding referred to above and the individual is required to repay the moneys if
the individual does not fulfill the conditions set out in (a)&nbsp;and (b)&nbsp;above. The Registrant may,
with the approval of a court, indemnify an individual referred to above, or advance moneys as
referred to above, in respect of an action by or on behalf of the Registrant or other entity to
procure a judgment in its favor, to which the individual is made a party because of the
individual&#146;s association with the Registrant or other entity as described above, against all costs,
charges and expenses reasonably incurred by the individual in connection with such action, if the
individual fulfills the conditions set out in (a)&nbsp;and (b)&nbsp;above. Notwithstanding the foregoing, an
individual referred to above is entitled to indemnity from the Registrant in respect of all costs,
charges and expenses reasonably incurred by the individual in connection with the defense of any
civil, criminal, administrative, investigative or other proceeding to which the individual is
subject because of the individual&#146;s association with the Registrant or other entity as described
above if the individual seeking indemnity was not judged by the court or other competent authority
to have committed any fault or omitted to do anything that the individual ought to have done and
fulfills the conditions set out in (a)&nbsp;and (b)&nbsp;above. A by-law of the Registrant provides that the
Registrant shall indemnify a director or officer of the Registrant, a former director or officer of
the Registrant or a person who acts or acted at the Registrant&#146;s request as a director or officer
of a body corporate of which the Registrant is or was a shareholder or creditor, and the heirs and
legal representatives thereof, to the extent permitted by the CBCA or otherwise by law.
</DIV>

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.&nbsp;&nbsp;Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required
</DIV>

<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.&nbsp;&nbsp;Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the Exhibit&nbsp;Index accompanying this Registration Statement.
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.&nbsp;&nbsp;Undertakings</B>.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 11%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 11%">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in
the information set forth in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 11%">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to
such information in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if
the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the Registrant
pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered
</DIV>

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining liability under
the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant to section 13(a)
or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities Exchange commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
</DIV>



<P align="center" style="font-size: 10pt">-3-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Calgary, province of Alberta, on the 30th day of August
2005.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CANADIAN PACIFIC RAILWAY LIMITED</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. Ritchie
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert J. Ritchie&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below hereby
constitutes and appoints Robert J. Ritchie and Michael T. Waites and each of them severally, as his
or her true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any and all capacities,
to sign the Registration Statement on Form S-8 under the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), with respect to the registration under the Securities Act of the offer and sale
of Common Shares, without par value, together with associated Common Share Purchase Rights, of
Canadian Pacific Railway Limited, a company incorporated under the laws of Canada, issuable in
accordance with the Canadian Pacific Railway Limited Employee Share Purchase Plan (US), to sign any
and all amendments (including post-effective amendments) to such registration statement and to file
the same with all exhibits thereto and other documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to
do and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorney in-fact and agent may lawfully do or cause to be
done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the date indicated.</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Signatures</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Title</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert J. Ritchie
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
<DIV style="border-top: 1px solid #000000">Robert J. Ritchie&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael T. Waites
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice-President and Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
<DIV style="border-top: 1px solid #000000">Michael T. Waites&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Brian Grassby
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-President and Comptroller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
<DIV style="border-top: 1px solid #000000">Brian Grassby&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Controller)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Stephen E. Bachand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stephen E. Bachand</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John E. Cleghorn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John E. Cleghorn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Tim W. Faithful
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tim W. Faithful</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James E. Newall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James E. Newall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
<P align="center" style="font-size: 10pt">&nbsp;
<P align="center" style="font-size: 10pt"><I>Signature Page for Form
S-8</I>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Signatures</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Title</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dr.&nbsp;James R. Nininger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dr. James R. Nininger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Madeleine Paquin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Madeleine Paquin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael E.J. Phelps
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael E. J. Phelps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Roger Phillips
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Roger Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael W. Wright
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;30, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael W. Wright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section 6(a) of the Securities Act, this Registration
Statement has been signed by the following person solely in the capacity of the duly authorized
representative in the United States of Canadian Pacific Railway Limited, in the City of
Minneapolis, State of Minnesota, on the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of August&nbsp;2005.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CANADIAN PACIFIC RAILWAY LIMITED<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ William Tuttle
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Tuttle&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
<P align="center" style="font-size: 10pt">&nbsp;
<P align="center" style="font-size: 10pt"><I>Signature Page for Form
S-8</I>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><FONT style="border-bottom: 1px solid #000000; width: 1%"><B>Description</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Registrant&#146;s Amended and Restated Articles of Incorporation, which are
incorporated by reference to Exhibit&nbsp;4.1 to the Registrant&#146;s Registration
Statement on Form&nbsp;S-8 (Registration No.&nbsp;333-13962) with respect to the
Registrant&#146;s Management Stock Option Incentive Plan and Directors&#146; Stock Option
Plan, filed with the Securities and Exchange Commission on September&nbsp;28, 2001,
File No.&nbsp;1-1342.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Registrant&#146;s Bylaws, which are incorporated by reference to Exhibit&nbsp;4.2 to the
Registrant&#146;s Registration Statement on Form&nbsp;S-8 (Registration No.&nbsp;333-13962) with
respect to the Registrant&#146;s Management Stock Option Incentive Plan and Directors&#146;
Stock Option Plan, filed with the Securities and Exchange Commission on September
28, 2001, File No.&nbsp;1-1342.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholder Rights Plan Agreement, dated as of July&nbsp;30, 2001 and amended as of
February&nbsp;19, 2002 and May&nbsp;5, 2005, between the Registrant and Computershare Trust
Company of Canada, as Rights Agent (including the Form of Rights Certificate),
which is incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&#146;s Registration
Statement on Form&nbsp;8-A/A, filed with the Securities and Exchange Commission on May
12, 2005, File No.&nbsp;1-1342.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Registrant&#146;s Employee Share Purchase Plan (US), effective as of October&nbsp;1,
2001 and amended and restated as of August&nbsp;30, 2005.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, Chartered Accountants, Calgary, Alberta.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included in the signature page to this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on August 30, 2005
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
CANADIAN PACIFIC RAILWAY LIMITED
(Exact Name of Registrant as specified in its Charter)
Canada
98-0355078
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
Suite 500
401-9
th
Avenue S.W.
Calgary, Alberta, Canada T2P 4Z4
(Address of principal executive offices)
Canadian Pacific Railway Limited Employee Share Purchase Plan (US)
(Full title of the plan)
William Tuttle
Soo Line Railroad Company
501 Marquette, Suite 800
Minneapolis, Minnesota 55402
(612) 904-5967
(Name, address and telephone number, including area code, of agent for service)
Copy to:
Robert P. Freeman, Sidley Austin Brown & Wood LLP
10 South Dearborn Street, Chicago, Illinois 60603, (312) 853-7000
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered (1)
Amount to be
registered
Proposed maximum
offering price per
share (2)
Proposed maximum
aggregate offering
price (2)
Amount of
registration
fee
Common Shares,
without par
value
(including Common
Share Purchase Rights)
600,000 Common
Shares (3)
$
38.68
$
23,208,000
$
2,731.58
(1)
Rights are initially carried and traded with the Common Shares of the Registrant. Value
attributable to such rights, if any, is reflected in the market price of the Common Shares.
(2)
The offering price has been estimated solely for the purpose of determining the registration
fee pursuant to Rule 457(h)(1) and (c) on the basis of the average of the high and low prices
of the Common Shares as reported on the New York Stock Exchange on August 24, 2005.
(3)
Plus such additional number of Common Shares as may be issuable pursuant to the anti-dilution
provisions of the Canadian Pacific Railway Limited Employee Share Purchase Plan (US), in
accordance with Rule 416(a) under the Securities Act of 1933.
TABLE OF CONTENTS
PART I
Item 1. Plan Information.*
Item 2. Registrant Information and Employee Plan Annual Information.*
PART II
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption from Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
EXHIBIT INDEX
Employee Share Purchase Plan (US)
Consent of Pricewaterhouse Coopers LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1.  Plan Information.
*
Item 2.  Registrant Information and Employee Plan Annual Information.
*
*
This registration statement relates to securities of the Registrant to be offered pursuant to
the Canadian Pacific Railway Limited Employee Share Purchase Plan (US), as indicated on the
facing sheet hereof. Information required by Part I to be contained in the Section 10(a)
prospectus related to this plan is omitted from this registration statement in accordance with
Rule 428 under the Securities Act of 1933 and the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference.
The following documents heretofore filed with the Securities and Exchange Commission (the
"Commission") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are
incorporated by reference in the Registrant's registration statement:
1.
The Registrant's annual report on Form 40-F for the fiscal year ended December
31, 2004;
2.
All reports filed by the Registrant (File No. 1-1342) pursuant to Section 13(a)
or 15(d) of the Exchange Act since December 31, 2004; and
3.
The Registrant's description of its Common Shares and Common Share Purchase
Rights, as set forth in the Registrant's Registration Statement on Form 8-A/A filed
with the Commission on May 12, 2005 (File No. 1-1342), including any amendment or
report filed for the purpose of updating such descriptions.
All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment which indicates that
all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in this registration statement and to be part
thereof from the date of filing of such documents.
Item 4.  Description of Securities.
Not Required
Item 5.  Interests of Named Experts and Counsel.
None
Item 6.  Indemnification of Directors and Officers.
Section 124 of the Canada Business Corporations Act ("CBCA"), which governs the Registrant,
provides that the Registrant may indemnify a director or officer of the Registrant, a former
director or officer of the Registrant or another individual who acts or acted at the Registrant's
request as a director or officer, or an individual acting in a similar capacity, of another entity
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative,
investigative or other proceeding in which the individual is involved because of their association
with the Registrant or other entity; provided that the Registrant may not indemnify an individual
referred to above unless the individual
-1-
Table of Contents
(a) acted honestly and in good faith with a view to the best interests of the Registrant, or, as
the case may be, to the best interests of the other entity for which the individual acted as
director or officer or in a similar capacity at the Registrant's request; and (b) in the case of a
criminal or administrative action or proceeding that is enforced by a monetary penalty, the
individual had reasonable grounds for believing that the individual's conduct was lawful. The
Registrant may advance moneys to a director, officer or other individual for the costs, charges and
expenses of a proceeding referred to above and the individual is required to repay the moneys if
the individual does not fulfill the conditions set out in (a) and (b) above. The Registrant may,
with the approval of a court, indemnify an individual referred to above, or advance moneys as
referred to above, in respect of an action by or on behalf of the Registrant or other entity to
procure a judgment in its favor, to which the individual is made a party because of the
individual's association with the Registrant or other entity as described above, against all costs,
charges and expenses reasonably incurred by the individual in connection with such action, if the
individual fulfills the conditions set out in (a) and (b) above. Notwithstanding the foregoing, an
individual referred to above is entitled to indemnity from the Registrant in respect of all costs,
charges and expenses reasonably incurred by the individual in connection with the defense of any
civil, criminal, administrative, investigative or other proceeding to which the individual is
subject because of the individual's association with the Registrant or other entity as described
above if the individual seeking indemnity was not judged by the court or other competent authority
to have committed any fault or omitted to do anything that the individual ought to have done and
fulfills the conditions set out in (a) and (b) above. A by-law of the Registrant provides that the
Registrant shall indemnify a director or officer of the Registrant, a former director or officer of
the Registrant or a person who acts or acted at the Registrant's request as a director or officer
of a body corporate of which the Registrant is or was a shareholder or creditor, and the heirs and
legal representatives thereof, to the extent permitted by the CBCA or otherwise by law.
Item 7.  Exemption from Registration Claimed.
Not required
Item 8.  Exhibits.
See the Exhibit Index accompanying this Registration Statement.
Item 9.  Undertakings
.
(a)
The undersigned Registrant hereby undertakes:
(1)       to file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i)       To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii)       To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in
the information set forth in the registration statement;
(iii)       To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to
such information in the registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if
the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the Registrant
pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.
(2)       That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered
-2-
Table of Contents
therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(3)     To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b)         The undersigned Registrant hereby undertakes that, for purposes of determining liability under
the Securities Act of 1933, each filing of the Registrant's annual report pursuant to section 13(a)
or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)         Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities Exchange commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
-3-
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Calgary, province of Alberta, on the 30th day of August
2005.
CANADIAN PACIFIC RAILWAY LIMITED
By:
/s/ Robert J. Ritchie
Robert J. Ritchie
President and Chief Executive Officer
KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below hereby
constitutes and appoints Robert J. Ritchie and Michael T. Waites and each of them severally, as his
or her true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any and all capacities,
to sign the Registration Statement on Form S-8 under the Securities Act of 1933, as amended (the
"Securities Act"), with respect to the registration under the Securities Act of the offer and sale
of Common Shares, without par value, together with associated Common Share Purchase Rights, of
Canadian Pacific Railway Limited, a company incorporated under the laws of Canada, issuable in
accordance with the Canadian Pacific Railway Limited Employee Share Purchase Plan (US), to sign any
and all amendments (including post-effective amendments) to such registration statement and to file
the same with all exhibits thereto and other documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to
do and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorney in-fact and agent may lawfully do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the date indicated.
Signatures
Title
Date
/s/ Robert J. Ritchie
President, Chief Executive Officer and Director
August 30, 2005
Robert J. Ritchie
(Principal Executive Officer)
/s/ Michael T. Waites
Executive Vice-President and Chief Financial Officer
August 30, 2005
Michael T. Waites
(Principal Financial Officer)
/s/ Brian Grassby
Vice-President and Comptroller
August 30, 2005
Brian Grassby
(Controller)
/s/ Stephen E. Bachand
Director
August 30, 2005
Stephen E. Bachand
/s/ John E. Cleghorn
Director
August 30, 2005
John E. Cleghorn
/s/ Tim W. Faithful
Director
August 30, 2005
Tim W. Faithful
/s/ James E. Newall
Chairman and Director
August 30, 2005
James E. Newall
Signature Page for Form
S-8
Table of Contents
Signatures
Title
Date
/s/ Dr. James R. Nininger
Director
August 30, 2005
Dr. James R. Nininger
/s/ Madeleine Paquin
Director
August 30, 2005
Madeleine Paquin
/s/ Michael E.J. Phelps
Director
August 30, 2005
Michael E. J. Phelps
/s/ Roger Phillips
Director
August 30, 2005
Roger Phillips
/s/ Michael W. Wright
Director
August 30, 2005
Michael W. Wright
Pursuant to the requirements of Section 6(a) of the Securities Act, this Registration
Statement has been signed by the following person solely in the capacity of the duly authorized
representative in the United States of Canadian Pacific Railway Limited, in the City of
Minneapolis, State of Minnesota, on the 30
th
day of August 2005.
CANADIAN PACIFIC RAILWAY LIMITED
By:
/s/ William Tuttle
William Tuttle
Signature Page for Form
S-8
Table of Contents
EXHIBIT INDEX
Exhibit No.
Description
4.1
The Registrant's Amended and Restated Articles of Incorporation, which are
incorporated by reference to Exhibit 4.1 to the Registrant's Registration
Statement on Form S-8 (Registration No. 333-13962) with respect to the
Registrant's Management Stock Option Incentive Plan and Directors' Stock Option
Plan, filed with the Securities and Exchange Commission on September 28, 2001,
File No. 1-1342.
4.2
The Registrant's Bylaws, which are incorporated by reference to Exhibit 4.2 to the
Registrant's Registration Statement on Form S-8 (Registration No. 333-13962) with
respect to the Registrant's Management Stock Option Incentive Plan and Directors'
Stock Option Plan, filed with the Securities and Exchange Commission on September
28, 2001, File No. 1-1342.
4.3
Shareholder Rights Plan Agreement, dated as of July 30, 2001 and amended as of
February 19, 2002 and May 5, 2005, between the Registrant and Computershare Trust
Company of Canada, as Rights Agent (including the Form of Rights Certificate),
which is incorporated by reference to Exhibit 4.2 to the Registrant's Registration
Statement on Form 8-A/A, filed with the Securities and Exchange Commission on May
12, 2005, File No. 1-1342.
4.4
The Registrant's Employee Share Purchase Plan (US), effective as of October 1,
2001 and amended and restated as of August 30, 2005.
23
Consent of PricewaterhouseCoopers LLP, Chartered Accountants, Calgary, Alberta.
24
Powers of Attorney (included in the signature page to this Registration Statement).