UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K For fiscal year ended December 31, 2020 Canadian Pacific Railway Limited Washington, D.C. 20549 (Mark one) ☒ ☐ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-01342 (Exact name of registrant as specified in its charter) 98-0355078 (IRS Employer Identification No.) Canada (State or Other Jurisdiction of Incorporation or Organization) 7550 Ogden Dale Road S.E. Calgary AB (Address of Principal Executive Offices) T2C 4X9 (Zip Code) Registrant’s Telephone Number, Including Area Code: (403) 319-7000 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No o Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes o No þ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o Title of Each Class Trading Symbol(s) Name of Each Exchange on which Registered Common Shares, without par value, of  Canadian Pacific Railway Limited CP New York Stock Exchange Toronto Stock Exchange Perpetual 4% Consolidated Debenture Stock of Canadian Pacific Railway Company CP/40 New York Stock Exchange BC87 London Stock Exchange