This report assesses the economic and government revenue impacts associated with the Trans Mountain Expansion Project (TMEP), which would nearly triple the capacity of the existing Trans Mountain pipeline from Edmonton, Alberta, to Burnaby, British Columbia. The authors assess the impacts associated with three elements: the initial investments required to build the pipeline and related infrastructure; operation of the pipeline; and higher netbacks to oil producers that are expected to result from smaller price differentials between Canadian and international oil price benchmarks. If approved, the TMEP is expected to generate 108,310 person-years of employment and to produce $18.5 billion of fiscal benefits between 2012 and 2037. The TMEP would also provide important strategic benefits. In particular, by allowing significant volumes of Canadian oil to reach tidewater, it would mean Canadian production would no longer be landlocked inside the stagnant North American market.