The linen finish on this stationery suggests that it dates to the 1920s or 1930s. According to this history of the CN logo, the railway used the square logo shown on this stationery from 1923 to 1927, after which it used a rectangular logo. If so, this stationery dates to the mid-1920s.
The name on the logo, “Canadian National Railways” (rather than “Railway”) probably reflects the fact that Canadian National was formed from the government takeover and merger of numerous bankrupt railroads. CN currently uses “Railway,” a change that may date to 1995, when the government finally sold its interest in the company.