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Norbert's Gambit on BMO InvestorLine: Step-by-Step (2026)

MTLast reviewed June 2026 by Mike Taylor, Canadian financial writer. Fact-checked

Yes, you can do Norbert's Gambit on BMO InvestorLine, but the DLR method needs a phone call. BMO does not let you trade DLR.U online, so you buy DLR on the website, then call the trade desk to sell the U.S. side. Many people skip the call by using an interlisted stock instead, which can be done entirely online. Either way the commission is the standard $9.95 per trade and there is no separate journaling fee.

For the general method, see the step-by-step guide. This page is specific to BMO InvestorLine.

Option 1: DLR with a phone call

  1. Buy DLR. On the Canadian-dollar side, buy DLR.TO online with a limit order.
  2. Call the trade desk. BMO InvestorLine does not let you buy or sell DLR.U online, so phone the trade desk and ask them to sell DLR.U on the U.S. side. Confirm they charge the online commission rate, not the higher phone rate.
  3. Receive U.S. dollars. The proceeds settle into your U.S.-dollar side.

Option 2: An interlisted stock, fully online

To avoid the phone call, some people use a highly liquid interlisted stock instead of DLR, such as a big Canadian bank that trades on both the TSX and NYSE. You buy it on the Canadian side and sell it on the U.S. side online, and BMO reconciles the offsetting positions automatically. The trade-off is the stock's own price risk during the short window, so this suits people who understand that risk. See the DLR explainer for the comparison.

A quirk to watch: late reconciliation

BMO often cleans up the offsetting Canadian and U.S. positions about one business day late. That lag can trigger a small debit-interest charge, posted at month-end. In a cash account the charge is frequently waived because it falls under BMO's minimum, but in a margin or registered account you may see it. If you do, a quick call usually gets it reversed.

What it costs at BMO InvestorLine

Estimate your savings with the calculator.

Accounts

BMO InvestorLine supports the gambit in RRSP, TFSA, and non-registered accounts that have both a Canadian-dollar and a U.S.-dollar side. It is a common way to fund U.S.-listed holdings in an RRSP.

Frequently asked questions

Can I do Norbert's Gambit online at BMO InvestorLine? Not with DLR. BMO does not let you trade DLR.U online, so the DLR method needs a phone call to the trade desk. Using an interlisted stock instead lets you do it online.

Does BMO charge a journaling fee? No separate journaling fee. You pay the standard $9.95 per trade, and you may occasionally see a small debit-interest charge if the cleanup lags.

Why was I charged debit interest? Because BMO reconciled the offsetting positions about a day late. It is usually small and can be reversed with a call.

What should I tell the trade desk? That you are doing Norbert's Gambit and want to sell DLR.U on the U.S. side, charged at the online commission rate.

Sources

This article is general information, not financial or tax advice. BMO's fees and processes change. Confirm current details with BMO InvestorLine before you trade.