In an attempt to address recent challenges on using natural refrigerants and to develop further knowledge and expertise in the field of direct expansion ground source heat pump (DX-GSHP), an experimental transcritical carbon dioxide (CO2) test bench was built at CanmetENERGY Research Laboratory. A previously developed theoretical model of the system was modified and validated against a set of experimental results and adopted to investigate the system performance in a wide operating range. A parametric analysis was also performed using the theoretical model for understanding the system and at exploring the performance improvement actions for future installations. Validation results showed that the model predicts the experimentation very well within the uncertainty of the measurement. Furthermore, parametric analysis showed that improper control of some parameters such as gas cooler CO2 outlet temperature and discharge compressor pressure can degrade the system performance by up to 25% and the heat pump heating capacity by 7.5%.