Number 501 was built in January of 1959 by Montreal Locomotive Works for Pacific Great Eastern Railway (PGE). Where the locomotive was numbered PGE 1001. In 1972, PGE changed the name of their railway to be British Columbia Railway (BCOL) due to the name change the locomotive became BCOL 1001. During the locomotives time at BCOL, it was also re-numbered BCOL 501.
Number 501 was sold to Greater Winnipeg Water District Railway (GWWD) where the locomotive became GWWD 501.
In 1996, the locomotive went to Ontario Southland Railway (OSR), where it was reunited with 502. There were originally three of these units at BCOL and two of the units were now reunited.
In 2018, 502 was acquired by Waterloo Central Railway along with 501.