This report provides a comprehensive framework for applying Cost-Benefit Analysis to a wide range of prospective transit investments (both greenfield and expansion projects) as well as rehabilitation and maintenance work. The framework is applicable to various transit modes, including stage bus systems (local and express bus service in regular street operation); bus rapid transit (buses in various types of dedicated rights-of-way); light rail; heavy rail; commuter rail; and highway investment. The report is accompanied by a user-friendly framework. the computer tool permits Cost-Benefit Analysis to be performed with either default values or locally generated data. It is scaled to apply over the range of differently sized urban areas and over the range of variously sized projects. The details of the benefit-cost analysis framework are described including an examination of the different types of benefits and costs associated with transit investment projects. Various key points of the methodology related to highway investment evaluation, net present value and risk analysis are discussed. The report also provides an overview of the computer program to be used in the evaluation of transit and highway investment projects. The report then uses the computer model to evaluate three case studies: Winnipeg: Southwest Transit Corridor; Kelowna: New Bus Capacity; Toronto: Spadina Light Rail. The results for all three case studies include benefits associated with congestion management (time savings, vehicle operating costs, criteria air contaminants emission savings, GHG emission savings and accident savings), low income mobility and liveable communities. Project costs (capital, O & M) are presented and three summary statistics are given (net present value, benefit-cost ratio, internal rate of return.