<?xml version="1.0" encoding="UTF-8"?>
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
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    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_LongtermProgrammingAssets" xlink:label="LongtermProgrammingAssets"/>
    <link:label xlink:type="resource" xlink:label="label_LongtermProgrammingAssets_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_LongtermProgrammingAssets_001">Longterm programming assets</link:label>
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    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_BondsRedemptionWithInterest" xlink:label="BondsRedemptionWithInterest"/>
    <link:label xlink:type="resource" xlink:label="label_BondsRedemptionWithInterest_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_BondsRedemptionWithInterest_001">Bonds redemption with interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsRedemptionWithInterest" xlink:to="label_BondsRedemptionWithInterest_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_OtherShortTermAssets" xlink:label="OtherShortTermAssets"/>
    <link:label xlink:type="resource" xlink:label="label_OtherShortTermAssets_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_OtherShortTermAssets_001">Other short term assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherShortTermAssets" xlink:to="label_OtherShortTermAssets_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ShareOfOtherComprehensiveIncomeOfAssociates" xlink:label="ShareOfOtherComprehensiveIncomeOfAssociates"/>
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociates_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ShareOfOtherComprehensiveIncomeOfAssociates_001">Share of other comprehensive income of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociates" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociates_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_CustomerRelationships" xlink:label="CustomerRelationships"/>
    <link:label xlink:type="resource" xlink:label="label_CustomerRelationships_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_CustomerRelationships_001">Customer relationships</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerRelationships" xlink:to="label_CustomerRelationships_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_InvestmentFundsInflows" xlink:label="InvestmentFundsInflows"/>
    <link:label xlink:type="resource" xlink:label="label_InvestmentFundsInflows_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_InvestmentFundsInflows_001">Investment funds inflows</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentFundsInflows" xlink:to="label_InvestmentFundsInflows_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ValuationOfThePutOption" xlink:label="ValuationOfThePutOption"/>
    <link:label xlink:type="resource" xlink:label="label_ValuationOfThePutOption_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ValuationOfThePutOption_001">Valuation of the put option</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationOfThePutOption" xlink:to="label_ValuationOfThePutOption_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_PaymentOfInterestOnLeaseLiabilities" xlink:label="PaymentOfInterestOnLeaseLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_PaymentOfInterestOnLeaseLiabilities_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_PaymentOfInterestOnLeaseLiabilities_001">Payment of interest on lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentOfInterestOnLeaseLiabilities" xlink:to="label_PaymentOfInterestOnLeaseLiabilities_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_FinanceIncomeCostsNet" xlink:label="FinanceIncomeCostsNet"/>
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCostsNet_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_FinanceIncomeCostsNet_001">Finance Income Costs Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCostsNet" xlink:to="label_FinanceIncomeCostsNet_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ForeignExchangeGainsLossesNet" xlink:label="ForeignExchangeGainsLossesNet"/>
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeGainsLossesNet_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ForeignExchangeGainsLossesNet_001">Foreign exchange (gains)/losses, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeGainsLossesNet" xlink:to="label_ForeignExchangeGainsLossesNet_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_TradeAndOtherShortTermLiabilities" xlink:label="TradeAndOtherShortTermLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherShortTermLiabilities_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_TradeAndOtherShortTermLiabilities_001">Trade and other short term liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherShortTermLiabilities" xlink:to="label_TradeAndOtherShortTermLiabilities_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_DepreciationAmortizationImpairmentAndLiquidation" xlink:label="DepreciationAmortizationImpairmentAndLiquidation"/>
    <link:label xlink:type="resource" xlink:label="label_DepreciationAmortizationImpairmentAndLiquidation_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_DepreciationAmortizationImpairmentAndLiquidation_001">Depreciation, amortization, impairment and liquidation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAmortizationImpairmentAndLiquidation" xlink:to="label_DepreciationAmortizationImpairmentAndLiquidation_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ConcessionsPayments" xlink:label="ConcessionsPayments"/>
    <link:label xlink:type="resource" xlink:label="label_ConcessionsPayments_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ConcessionsPayments_001">Concessions payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcessionsPayments" xlink:to="label_ConcessionsPayments_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_InterestExpense" xlink:label="InterestExpense"/>
    <link:label xlink:type="resource" xlink:label="label_InterestExpense_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_InterestExpense_001">Interest expense </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpense" xlink:to="label_InterestExpense_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_NoncurrentDeferredDistributionFees" xlink:label="NoncurrentDeferredDistributionFees"/>
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDeferredDistributionFees_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_NoncurrentDeferredDistributionFees_001">Noncurrent deferred distribution fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDeferredDistributionFees" xlink:to="label_NoncurrentDeferredDistributionFees_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_NoncurrentUmtsLicenseLiabilities" xlink:label="NoncurrentUmtsLicenseLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_NoncurrentUmtsLicenseLiabilities_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_NoncurrentUmtsLicenseLiabilities_001">Noncurrent UMTS license liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentUmtsLicenseLiabilities" xlink:to="label_NoncurrentUmtsLicenseLiabilities_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ChangeInContractAssets" xlink:label="ChangeInContractAssets"/>
    <link:label xlink:type="resource" xlink:label="label_ChangeInContractAssets_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ChangeInContractAssets_001">Change in contract assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInContractAssets" xlink:to="label_ChangeInContractAssets_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_PaymentsForFilmLicensesAndSportsRights" xlink:label="PaymentsForFilmLicensesAndSportsRights"/>
    <link:label xlink:type="resource" xlink:label="label_PaymentsForFilmLicensesAndSportsRights_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_PaymentsForFilmLicensesAndSportsRights_001">Payments for film licenses and sports rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForFilmLicensesAndSportsRights" xlink:to="label_PaymentsForFilmLicensesAndSportsRights_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ReceptionEquipment" xlink:label="ReceptionEquipment"/>
    <link:label xlink:type="resource" xlink:label="label_ReceptionEquipment_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ReceptionEquipment_001">Reception equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReceptionEquipment" xlink:to="label_ReceptionEquipment_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_OtherLongtermAssets" xlink:label="OtherLongtermAssets"/>
    <link:label xlink:type="resource" xlink:label="label_OtherLongtermAssets_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_OtherLongtermAssets_001">Other longterm assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLongtermAssets" xlink:to="label_OtherLongtermAssets_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_CumulativeCatchUpResultingFromModificationOfTheLoanAgreement" xlink:label="CumulativeCatchUpResultingFromModificationOfTheLoanAgreement"/>
    <link:label xlink:type="resource" xlink:label="label_CumulativeCatchUpResultingFromModificationOfTheLoanAgreement_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_CumulativeCatchUpResultingFromModificationOfTheLoanAgreement_001">Cumulative catch up resulting from modification of the loan agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeCatchUpResultingFromModificationOfTheLoanAgreement" xlink:to="label_CumulativeCatchUpResultingFromModificationOfTheLoanAgreement_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_InvestmentFundsOutflows" xlink:label="InvestmentFundsOutflows"/>
    <link:label xlink:type="resource" xlink:label="label_InvestmentFundsOutflows_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_InvestmentFundsOutflows_001">Investment funds outflows</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentFundsOutflows" xlink:to="label_InvestmentFundsOutflows_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_OtherLongtermLiabilities" xlink:label="OtherLongtermLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_OtherLongtermLiabilities_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_OtherLongtermLiabilities_001">Other longterm liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLongtermLiabilities" xlink:to="label_OtherLongtermLiabilities_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_CurrentUmtsLicenseLiabilities" xlink:label="CurrentUmtsLicenseLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_CurrentUmtsLicenseLiabilities_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_CurrentUmtsLicenseLiabilities_001">Current UMTS license liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentUmtsLicenseLiabilities" xlink:to="label_CurrentUmtsLicenseLiabilities_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ChangeInContractLiabilities" xlink:label="ChangeInContractLiabilities"/>
    <link:label xlink:type="resource" xlink:label="label_ChangeInContractLiabilities_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ChangeInContractLiabilities_001">Change in contract liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInContractLiabilities" xlink:to="label_ChangeInContractLiabilities_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ShortTermProgrammingAssets" xlink:label="ShortTermProgrammingAssets"/>
    <link:label xlink:type="resource" xlink:label="label_ShortTermProgrammingAssets_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ShortTermProgrammingAssets_001">Short term programming assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShortTermProgrammingAssets" xlink:to="label_ShortTermProgrammingAssets_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_FinancialLiabilitiesForTheNoncontrollingInterestsPut" xlink:label="FinancialLiabilitiesForTheNoncontrollingInterestsPut"/>
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesForTheNoncontrollingInterestsPut_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_FinancialLiabilitiesForTheNoncontrollingInterestsPut_001">Financial Liabilities for The Noncontrolling Interests Put</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesForTheNoncontrollingInterestsPut" xlink:to="label_FinancialLiabilitiesForTheNoncontrollingInterestsPut_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ShareCapitalIncrease" xlink:label="ShareCapitalIncrease"/>
    <link:label xlink:type="resource" xlink:label="label_ShareCapitalIncrease_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ShareCapitalIncrease_001">Share capital increase</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareCapitalIncrease" xlink:to="label_ShareCapitalIncrease_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_NetAdditionsOfReceptionEquipment" xlink:label="NetAdditionsOfReceptionEquipment"/>
    <link:label xlink:type="resource" xlink:label="label_NetAdditionsOfReceptionEquipment_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_NetAdditionsOfReceptionEquipment_001">Net additions of reception equipment </link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAdditionsOfReceptionEquipment" xlink:to="label_NetAdditionsOfReceptionEquipment_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_AmortizationOfFilmLicensesAndSportsRights" xlink:label="AmortizationOfFilmLicensesAndSportsRights"/>
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfFilmLicensesAndSportsRights_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_AmortizationOfFilmLicensesAndSportsRights_001">Amortization of film licenses and sports rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfFilmLicensesAndSportsRights" xlink:to="label_AmortizationOfFilmLicensesAndSportsRights_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodMember" xlink:label="ShareOfOtherComprehensiveIncomeOfAssociatesMember"/>
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesMember_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesMember_001">Share of other comprehensive income of associates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesMember" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesMember_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_CurrentDeferredDistributionFees" xlink:label="CurrentDeferredDistributionFees"/>
    <link:label xlink:type="resource" xlink:label="label_CurrentDeferredDistributionFees_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_CurrentDeferredDistributionFees_001">Current deferred distribution fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDeferredDistributionFees" xlink:to="label_CurrentDeferredDistributionFees_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_ProfitLossOnInvestmentActivitiesNet" xlink:label="ProfitLossOnInvestmentActivitiesNet"/>
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOnInvestmentActivitiesNet_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_ProfitLossOnInvestmentActivitiesNet_001">Profit/(Loss) on investment activities, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOnInvestmentActivitiesNet" xlink:to="label_ProfitLossOnInvestmentActivitiesNet_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_PaymentOfInterestOnLoansBorrowingsBondsAndCommissions" xlink:label="PaymentOfInterestOnLoansBorrowingsBondsAndCommissions"/>
    <link:label xlink:type="resource" xlink:label="label_PaymentOfInterestOnLoansBorrowingsBondsAndCommissions_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_PaymentOfInterestOnLoansBorrowingsBondsAndCommissions_001">Payment of interest on loans, borrowings, bonds and commissions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentOfInterestOnLoansBorrowingsBondsAndCommissions" xlink:to="label_PaymentOfInterestOnLoansBorrowingsBondsAndCommissions_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_AcquisitionOfBonds" xlink:label="AcquisitionOfBonds"/>
    <link:label xlink:type="resource" xlink:label="label_AcquisitionOfBonds_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_AcquisitionOfBonds_001">Acquisition of bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionOfBonds" xlink:to="label_AcquisitionOfBonds_001"/>
    <link:loc xlink:type="locator" xlink:href="259400EM1ITR201TTX36-2020-12-31.xsd#cp_StatementOfComprehensiveIncomeAbstractTable001" xlink:label="StatementOfComprehensiveIncomeAbstractTable001"/>
    <link:label xlink:type="resource" xlink:label="label_StatementOfComprehensiveIncomeAbstractTable001_001" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en" id="label_StatementOfComprehensiveIncomeAbstractTable001_001">Statement Of Comprehensive Income Abstract Table001</link:label>
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