MONTREAL — A high-speed rail link between Toronto and Quebec City could deliver billions of dollars in economic benefits, a new report says.

The C.D. Howe Institute study found that the promised line would generate between $15 billion and $27 billion in value for Canadians over six decades.

The biggest chunk of that sum — up to a third — would stem from user benefits, namely time savings and greater reliability than Via Rail’s spotty train service, the authors said.

Economic value would also accrue for those living in the Toronto-Quebec City corridor, with reductions in greenhouse gas emissions and road congestion as added bonuses.

“The project offers substantial economic and social benefits to Canada,” write authors David Jones and Tasnim Fariha.

The line would boost productivity and green transit as the country faces a “productivity crisis” and a push to bring down harmful emissions.

“There are, in short, significant opportunity costs to postponing or not moving ahead with this investment and perpetuating the status quo in rail service,” they state.

On Wednesday, Prime Minister Justin Trudeau moved ahead with the next phase of the high-speed rail project, announcing its trains will travel up to 300 km/h on the emissions-free network — going beyond the “high-frequency rail” system that was the initial goal.