SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

______________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 25, 2002

TRANSCANADA CAPITAL

(Exact name of Registrant as Specified in Charter)

Delaware

(State or Other Jurisdiction
of Incorporation)

1-14420

(Commission File
Number)

13-7095718

(IRS Employer
Identification No.)

c/o The Bank of New York, as Administrative Trustee
101 Barclay Street
New York, New York

(Address of Principal Executive Offices)

10286

(Zip Code)

(212) 815-3200
Registrant's telephone number, including area code

N/A
(Former Name or Former Address, if Changed Since Last Report)

Item 1.

Changes in Control of Registrant.

Not applicable.

Item 2.

Acquisition or Disposition of Assets.

Not applicable.

Item 3.

Bankruptcy or Receivership.

Not applicable.

Item 4.

Changes in Registrant's Certifying Accountant.

Not applicable.

Item 5.

Other Events.

1. Receipt of $3,500,196.88 of interest on TransCanada Pipeline Limited 8.75% Junior Subordinated Debentures due July 24, 2045 on July 1, 2002.

2. Payment of $3,500,196.88 to holders of TransCanada Capital Cumulative Trust Originated Preferred Securities and Common Stock on July 1, 2002.

Item 6.

Resignation of Registrant's Directors.

Not applicable.

Item 7.

Financial Statements, Pro Forma Financial Information and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Exhibits.

1. Administrative Trustee’s Report in respect of (i) receipt of $3,500,196.88 of interest on TransCanada Pipeline Limited 8.75% Junior Subordinated Debentures due July 24, 2045 on July 1, 2002 and (ii) payment of $3,500,196.88 to holders of TransCanada Capital Cumulative Trust Originated Preferred Securities and Common Stock on July 1, 2002.

Item 8.

Change in Fiscal Year.

Not applicable.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TRANSCANADA CAPITAL
(Registrant)

By: THE BANK OF NEW YORK
     as Administrative Trustee

By: /s/ Vanessa Mack
      Vanessa Mack
      Assistant Vice President

Dated: July 25, 2002

EXHIBIT INDEX

Exhibit No.

99

Administrative Trustee's Report in respect of (i) receipt of $3,500,196.88 of interest on TransCanada Pipeline Limited 8.75% Junior Subordinated Debentures due July 24, 2045 and (ii) payment of $3,500,196.88 to holders of TransCanada Capital Cumulative Trust Originated Preferred Securities and Common Stock on July 1, 2002.

Page

5

EXHIBIT 99

TRANSCANADA CAPITAL

CASH TRANSACTIONS - ADMINISTRATIVE TRUSTEE'S REPORT

7/1/02

7/1/02

Receipt of Interest on TransCanada Pipeline Limited 8.75%
Junior Subordinated Debentures due July 24, 2045

Funds disbursed to Holders of TransCanada Capital Cumulative
Trust Originated Preferred Securities and Common Stock

$3,500,196.88

$3,500,196.88

Dated: July 25, 2002

By:   THE BANK OF NEW YORK
         as Administrative Trustee

By: /s/ Vanessa Mack
      Vanessa Mack
      Assistant Vice President

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

EXHIBIT INDEX

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

TRANSCANADA CAPITAL 8-K