‘It’s a cloud’: Sovereignty questions loom over Quebec firms as PQ leads the polls

Parti Québécois Leader Paul St-Pierre Plamondon waves to applauding supporters as he walks to a news conference with local candidates in Quebec City, Friday, Oct. 2, 2026. Quebecers are going to the polls for a provincial election on Oct. 5. (THE CANADIAN PRESS/Jacques Boissinot)

Quebec’s business community is taking notice as polls show the Parti Québécois seizing a firm lead with the provincial election in full swing.

PQ Leader Paul St-Pierre Plamondon has pledged to hold a referendum within his first mandate, though not before U.S. President Donald Trump leaves office.

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Sébastien Lachaine, Quebec director at lobbying firm Sussex Strategy, says the uncertainty heralded by a referendum on the horizon amounts to a “cloud” over Quebec companies.

He says worries over the prospect of independence could dampen investment, discourage immigration and trigger a rise in interest rates on government bonds.

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However, he also points out that the PQ platform promises to lower corporate tax rates, a boon for businesses in the province.

Millions of voters across Quebec are casting their ballots today.

This report by The Canadian Press was first published Oct. 5, 2026.