EX-99.1

Exhibit 99.1

LOGO

Release:

March 14, 2023

CP announces ratification of new collective agreement with Soo Line BLET

Calgary—Canadian Pacific (NYSE:CP) (TSX:CP) said today that members of the Brotherhood of Locomotive Engineers and Trainmen (BLET) have ratified a new five-year collective agreement covering approximately 300 employees working on CP’s Soo Line subsidiary.

“We thank the BLET for working collaboratively to reach this negotiated collective agreement,” said Keith Creel, CP’s President and CEO. “The ratification of this agreement, which provides improved pay and flexibility, is a positive for our railroaders, further demonstrating CP’s commitment to reaching new negotiated collective agreements.”

CP has successfully negotiated agreements with multiple unions representing craft employees in recent months, resulting in the ratification of 16 agreements in 2023 in Canada and the United States.

The BLET hourly collective agreement includes Soo Line locomotive engineers in North Dakota, Minnesota, Wisconsin, Illinois and Indiana.

Forward looking information

This news release contains certain forward-looking information within the meaning of applicable securities laws relating, but not limited to, collective bargaining between CP and its labour unions, and CP’s business, operations and service. This forward-looking information also includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or headings such as “financial expectations”, “key assumptions”, “anticipate”, “believe”, “expect”, “plan”, “will”, “outlook”, “should” or similar words suggesting future outcomes.

Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information. Forward-looking information is not a guarantee of future performance. By its nature, CP’s forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including but not limited to the following factors: changes in business strategies; general North American and global economic, credit and business conditions; risks in agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped via CP; inflation; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; uncertainties of investigations, proceedings or other types of claims and litigation; labour disputes; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; and various events that could disrupt operations, including severe weather, droughts, floods, avalanches and earthquakes as well as security threats and governmental response to them, and technological changes. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States. Reference should be made to “Item 1A—Risk Factors” and “Item 7—Management’s