Vote to Stay Alberta is warning that independence could drive investment, businesses and opportunity out of the province.

Quoting former Alberta finance minister Travis Toews, the federalist campaign pointed to Quebec as a “cautionary tale,” claiming Bay Street grew because of that province’s pursuit of independence.

Former Alberta Finance Minister Travis Toews on what Alberta can learn from Quebec's experience with separatism:

“Quebec is a cautionary tale … Bay Street was built based on Quebec’s pursuit of independence.”

Separatist uncertainty doesn’t create prosperity – it risks driving… pic.twitter.com/hrWH8Nevrd

— Vote to Stay (@VotetoStayAB) September 9, 2026

But Alberta businesses do not need a history lesson from Quebec to understand capital flight. They can watch it happening today.

Calgary-based Enbridge has announced a US$2.55-billion deal to acquire Tallgrass Energy’s American crude oil business. The purchase includes a 75% stake in the 1,050-mile Pony Express Pipeline, interests in two other U.S. pipelines and 8.4 million barrels of storage capacity across nine terminals.

Enbridge is also assuming a US$300-million expansion that will increase Pony Express capacity to approximately 515,000 barrels per day. The company says the assets offer significant cash flow and future growth opportunities. 

That is investment. It is simply happening south of the border.

The purchase follows a decade in which Ottawa imposed its Impact Assessment Act, passed the West Coast tanker ban and piled additional carbon taxes and environmental regulations onto Alberta’s energy sector. Northern Gateway was killed, Energy East was abandoned and taxpayers were forced to purchase Trans Mountain after its private owner tried to walk away.

None of this proves independence would come without uncertainty. Every major political or economic change carries risk.

But voting to stay does not guarantee investment. It offers the certainty of remaining inside a system that has spent a decade obstructing Alberta resource development while Canadian energy companies increasingly find growth opportunities elsewhere.