The company believes this investment will support track maintenance and strategic infrastructure initiatives in the province.

"Our focus remains on providing exceptional service to our customers and supply chain partners, supporting strong economic growth for North America and across the communities where we operate," said CN Chief Executive Tracy Robinson.

Minister of Transportation for Ontario, Prabmeet Sarkaria commented: "Our government is building a more connected, competitive province by investing in infrastructure that reduces gridlock and supports long-term growth. We welcome CN's continued investment into Ontario, a commitment that will help goods move more efficiently, create good-paying jobs, and build a stronger future for communities across the province."

Shares of the company were last seen down 0.7% at $148.43 on the Toronto Stock Exchange.

Price: 148.50, Change: -0.99, Percent Change: -0.66

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