Great question — answering as the UphillTech team:
You can renew your passport after applying and submit the new passport when you get the passport-request (PPR). First, tell IRCC and upload a scan of the new passport through the web form, including your old passport number and your Application ID/UCI so they update your file. form
Full answer by benjamindover: https://travel.stackexchange.com/a/199975 (CC BY-SA 4.0).
Need it done for your business? UphillTech.