Federal Finance Minister Jim Flaherty and Ontario Transportation Minister Bob Chiarelli announced the funding this morning in Whitby, Ont.
They say the private-public funding will go towards the construction of a maintenance facility for GO Transit trains, which serve the Greater Toronto Area and the Golden Horseshoe.
Flaherty says the funding is a "big win" for commuters and will give GO an opportunity to provide even better service in the GTA.
Chiarelli, meanwhile, says the project will also create a number of jobs during construction, as well up to 400 full-time jobs once the building is complete.
He says there's only one GO Transit maintenance facility in operation right now, on the west side of Toronto. It was built more than 30 years ago.