CALGARY, Jan. 25 /PRNewswire-FirstCall/ -- Canadian Pacific Railway Limited (TSX/NYSE: CP) today announced that, unless indicated otherwise, all common share dividends paid by Canadian Pacific Railway Limited (including those paid during 2006) are eligible dividends as defined in Bill C-28 which received first reading in the Senate on December 11, 2006. Under this proposed legislation, eligible dividends received by individuals resident in Canada in 2006 and subsequent years will be entitled to a higher dividend gross-up and dividend tax credit, resulting in a reduction in the income tax otherwise payable on those dividends. Canadian Pacific, through the ingenuity of its employees located across Canada and in the United States, intends to be the safest, and most fluid railway in North America. Our people are the key to delivering innovative transportation solutions to our customers and to ensuring the safe operation of our trains through the more than 900 communities where we operate. Our combined ingenuity makes Canadian Pacific a better place to work, rail a better way to ship, and North America a better place to live. Come and visit us at http://www.cpr.ca/ to see how we can put our ingenuity to work for you. DATASOURCE: Canadian Pacific Railway CONTACT: Media: Leslie Pidcock, Tel.: (403) 319-6878, e-mail: ; Investment Community: Janet Weiss, Assistant Vice-President Investor Relations, Tel.: (403) 319-3591, e-mail:

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