Alberta business groups say ‘stay’ side victory fosters investment confidence

CALGARY — Alberta business groups are cheering the decisive win for the “stay” side in Monday’s referendum, but say more work lies ahead in getting the province a fair shake within Confederation.

Early returns show about 76 per cent of voters chose for Alberta to remain in Canada, while 24 per cent voted to hold a second, binding referendum on separation.

Adam Legge, president of the Business Council of Alberta said in a news release Tuesday that he’s “delighted” by the outcome on the separation-referendum question.

“Remaining in Canada preserves the stability and certainty that come with being part of the federation, while allowing Alberta to continue building on its economic strengths, attracting investment, creating jobs and contributing to Canada’s growth and prosperity,” Legge said.

“While today’s result settles the question of separation, the concerns that brought it to the forefront remain. We urge the governments of Canada and Alberta to continue working together to pursue fairness for Alberta.”

In an interview, Legge said the biggest outstanding issue is the equalization formula. The federal transfer program is meant to ensure poorer provinces are able to provide comparable public services than better off ones, like Alberta.

“It’s very skewed against Alberta and other provinces, resource provinces, and skewed favourably and unfairly towards Quebec. So the equation needs to be recalibrated,” Legge said.

Legge said the council has also raised concern over the federal funding Alberta receives compared to peer provinces in areas like post-secondary research, national defence, arts and culture.

The Calgary Chamber of Commerce, meanwhile, said the results of the vote give businesses the confidence to move forward with hiring, planning and investing for the future.

“At a time of growing global competition and trade uncertainty, Albertans have delivered a clear mandate: we want to be at the table, helping shape Canada’s prosperity and ensuring our province’s contributions and potential are fully recognized,” said president and CEO Deborah Yedlin in a news release.

“We recognize that the concerns that contributed to this debate have not disappeared, but we now have an opportunity to address them constructively, with a shared focus on delivering results.”

Candace Laing, president and CEO of the Canadian Chamber of Commerce, said the referendum was a reminder that national unity can never be taken for granted.

“A strong Canada means that we need to make sure every part of our federation knows their essential value and that they feel valued and understood by the whole country,” said in a news release.

“Political disagreements between governments are inevitable, but our democracy is strong enough to resolve our differences.”

A report from TD Bank economists said the referendum outcome does not end the conversation.

“A non-trivial share of Albertans supported separation and their concerns may linger. With a relatively low voter threshold that enables the question to come back on the ballot, investors will be looking for signs on whether Alberta risks a perpetual five-year cycle of constitutional uncertainty,” wrote Beata Caranci and Marc Ercolao.

The referendum included nine other questions surrounding immigration and constitutional matters.

On Tuesday, with 84 per cent of polls reporting, the results were tracking in favour of five immigration-related proposals put forward by the Alberta government.

They were: Alberta taking increased control over immigration; mandating that only those with an “Alberta-approved immigration status” be eligible for provincially funded programs like heath care, education and social services; requiring those with a “non-permanent immigration status” to live in Alberta for 12 months before qualifying for provincially funded social support programs; charging those with a non-permanent status for using the health and education systems and requiring proof of citizenship to vote in an Alberta election.

On the constitutional questions, results were also leaning toward giving Alberta control over judicial appointments, abolishing the senate and prioritizing provincial laws over federal ones when they’re in conflict. A proposal to allow provinces to opt out of federal programs like health care was on track for a defeat.

Lennie Kaplan, formerly a senior manager in Alberta’s Ministry of Treasury Board and Finance, said Premier Danielle Smith’s government should now focus on pitching reforms to the province’s fiscal relationship with Ottawa. Among other things, he suggested changes to equalization, heath and social transfers, and employment insurance benefits that would reduce Alberta’s net fiscal contribution to the federal government.

“Alberta has long contributed far more to federal revenues than it receives back in federal spending,” Kaplan wrote in a commentary.

Kaplan estimates Alberta’s net fiscal contribution will rise toward $20 billion in the late 2030s from $12.7 billion in 2025.

“The Smith government needs to put a comprehensive set of proposals for federal-provincial fiscal reform forward and aggressively sell it to other provinces and the federal government,” Kaplan wrote.

This report by The Canadian Press was first published Oct. 20, 2026.

Lauren Krugel, The Canadian Press