Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Velani Nadeem
 2. Date of Event Requiring Statement (Month/Day/Year)
09/09/2016		 3. Issuer Name and Ticker or Trading Symbol
CANADIAN PACIFIC RAILWAY LTD/CN [CP]
(Last)
(First)
(Middle)
C/O CANADIAN PACIFIC RAILWAY LIMITED, 7550 OGDEN DALE ROAD S. E.		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Interim VP and CFO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

CALGARY, A0 T2C 4X9		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 203
I
By ESPP (1)
Common Stock 385
I
Nadeem Velani/Tineke de Swart-Velani - RRSP Joint Account

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Options (Right to Buy)   (2) 04/02/2023 Common Stock 2,310 $ 95.59 D  
Employee Stock Options (Right to Buy)   (3) 01/31/2024 Common Stock 1,820 $ 122.73 D  
Employee Stock Options (Right to Buy)   (4) 01/23/2025 Common Stock 1,539 $ 159.04 D  
Employee Stock Options (Right to Buy)   (5) 01/22/2026 Common Stock 2,927 $ 116.8 D  
Rights (Restricted Share Units) 05/08/2017 06/10/2017 Common Stock 813 (6) $ 0 D  
Rights (Deferred Share Units)   (7)   (7) Common Stock 985 $ (7) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Velani Nadeem
C/O CANADIAN PACIFIC RAILWAY LIMITED
7550 OGDEN DALE ROAD S. E.
CALGARY, A0 T2C 4X9		       Interim VP and CFO  

Signatures

/s/ Nadeem Velani 09/19/2016
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares held by individual in the Canadian Pacific Railway Limited Employee Share Purchase Plan.
(2) 1/4 was vested on April 2, 2014; 1/4 was vested on April 2, 2015; 1/4 was vested on April 2, 2016; I/4 will be vested on April 2, 2017.
(3) 1/4 was vested on January 31, 2015; 1/4 was vested on January 31, 2016; 1/4 will be vested on January 31, 2017; 114 will be vested on January 31,2018.
(4) 1/4 was vested on January 23, 2016; 1/4 will be vested on January 23, 2017; 1/4 will be vested on January 23, 2018; 1/4 will be vested on January 23, 2019.
(5) 1/4 will be vested on January 22, 2017; 1/4 will be vested on January 22, 2018; 1/4 will be vested on January 22, 2019; 114 will be vested on January 22, 2020.
(6) Each Restricted Share Unit (each, a "RSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited.
(7) Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of common stock of Canadian Pacific Railway Limited. DSUs are held until termination of employment.

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