TORONTO - Plans to refurbish a busy transportation hub in downtown Toronto are getting a $305 million boost from both the Ontario and federal governments.

Union Station handles some 65 million passengers each year for Via Rail, the GO Transit suburban transit system and the Toronto Transit Commission.

Passenger traffic, however, could be sharply reduced later today because of a strike by Via Rail engineers scheduled to begin at noon Eastern Time.

The federal government will contribute $133 million toward the $640 million estimated cost of the project.

The Ontario government will contribute $172 million and the City of Toronto will contribute the balance -- about $335 million.

The bulk of the money will be spent on improving passenger access to and from Union Station and $20 million will be spent on heritage restoration of the main building.

"Our government ... is fast-tracking funding to get shovels in the ground and jobs created at Union Station," said Finance Minister Jim Flaherty in a statement.

"We are taking action to stimulate Toronto's economy and speed up the revitalization of this major Toronto landmark."