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EXHIBIT C Certificates Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 Canadian Pacific Railway Limited In connection with the Annual Report of Canadian Pacific Railway Limited (the
Company) on Form 40-F for the period ended December 31, 2003 (the Report)
to which this certificate is an exhibit, I, Robert J. Ritchie, President and
Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:  1.
    
    The Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and2.
    
    The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.  Date: March 16, 2004
    
    Signed:  Robert J. Ritchie
Robert J. Ritchie
President and Chief Executive Officer
 In connection with the Annual Report of Canadian Pacific Railway Limited (the
Company) on Form 40-F for the period ended December 31, 2003 (the Report)
to which this certificate is an exhibit, I, Michael T. Waites, Executive Vice
President and Chief Financial Officer of the Company, hereby certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:  1.
    
    The Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and2.
    
    The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.  Date: March 16, 2004
    
    Signed:  Michael T. Waites
Michael T. Waites
Executive Vice President and
Chief Financial Officer
 B-5




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Canadian Pacific Railway Company In connection with the Annual Report of Canadian Pacific Railway Company (the
Company) on Form 40-F for the period ended December 31, 2003 (the Report)
to which this certificate is an exhibit, I, Robert J. Ritchie, President and
Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:  1.
    
    The Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and2.
    
    The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.  Date: March 16, 2004
    
    Signed:  Robert J. Ritchie
Robert J. Ritchie
President and Chief Executive Officer
 In connection with the Annual Report of Canadian Pacific Railway Company (the
Company) on Form 40-F for the period ended December 31, 2003 (the Report)
to which this certificate is an exhibit, I, Michael T. Waites, Executive Vice
President and Chief Financial Officer of the Company, hereby certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:  1.
    
    The Report fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and2.
    
    The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.  Date: March 16, 2004
    
    Signed:  Michael T. Waites
Michael T. Waites
Executive Vice President and
Chief Financial Officer
 B-6