This report calculates the natural capital value of forests that are located on properties that are conserved by Nature Conservancy of Canada through the TD Forests program. The report includes two main parts:

1. The first part provides general background on Canada’s forests and approaches to natural capital valuation.

2. The second part presents case studies for each of Canada’s eight forest regions. Each study provides an introduction to the forest region and explores the natural capital value of at least one conserved forest property.

This assessment uses a “defensive expenditures” approach. Monetary valuation of the benefits used the value of the Social Cost of Carbon that is used by Environment and Climate Change Canada.