A report examining the feasibility of the line will be released Friday.
It was commissioned by the Ontario government and carried out by former federal Transport Minister David Collenette.
His report estimates there would be 10-million annual riders by the year 2041.
Two scenarios are proposed.
Scenario "A" would see trains that travel top speed of 300 km/h and cost $149 million per kilometer.
Scenario "B" would see trains that travel top speed of 250 km/h and cost of $55 million per kilometer.
Those per kilometer costs are in line with prices of high speed rail lines in Europe.
The Ontario government would seek out private financing and private partners while working with VIA and Metrolinx.
The initial phase would see the trains go to Kitchener-Waterloo, which has become a high tech hub employing thousands of people, many of whom live in Toronto but commute for work.