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Norbert's Gambit on CIBC Investor's Edge: Step-by-Step (2026)

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

Yes, you can do Norbert's Gambit on CIBC Investor's Edge, but journaling is a phone process. You buy DLR online, then call the trade desk, and the representative journals the shares to the U.S. side and sells DLR.U on the same call. The commission is the low online rate of $6.95 per trade even though a person places the trade, and there is no journaling fee. One thing to know: CIBC's own built-in conversion is fairly competitive, so the savings here are smaller than at some brokers.

For the general method, see the step-by-step guide. This page is specific to CIBC Investor's Edge.

The steps at CIBC Investor's Edge

  1. Buy DLR. In your Canadian-dollar account, buy DLR.TO online with a limit order.
  2. Call the trade desk. Phone CIBC Investor's Edge and ask the representative to journal your DLR to the U.S. side as DLR.U, then sell it. They can do both on the call. You pay the online commission rate, not a higher phone rate, for these gambit trades.
  3. Receive U.S. dollars. The proceeds settle into your U.S.-dollar side.

There is no documented online self-serve journaling at CIBC Investor's Edge, so plan on the phone call.

A quirk to watch: debit interest

If the U.S. side is sold before your original DLR buy settles, CIBC's system can apply a small debit-interest charge, reported at around $15. The representative should be able to reverse it, and you can avoid it by letting the buy settle before journaling and selling. If you see the charge, call and ask for it to be reversed.

What it costs at CIBC Investor's Edge

Because CIBC's built-in conversion is relatively competitive, run your numbers on the calculator to confirm the gambit is worth it for your amount. On smaller conversions the saving may be modest.

Accounts

CIBC Investor's Edge supports the gambit in non-registered, TFSA, and RRSP accounts, and it was one of the earlier brokers to offer U.S.-dollar registered accounts. You need both a Canadian-dollar and a U.S.-dollar side.

Frequently asked questions

Can I do Norbert's Gambit online at CIBC Investor's Edge? The buy is online, but journaling and the U.S.-side sale are done by calling the trade desk. There is no documented online journaling option.

What commission do I pay if a representative places the trades? The low online rate of $6.95 per trade, not a higher phone rate, for these gambit trades.

Why might I be charged debit interest? If the U.S. side sells before your DLR buy settles. The charge is usually small and can be reversed on request.

Is the gambit worth it at CIBC? It can be, but CIBC's built-in conversion is fairly competitive, so the savings are smaller than at some brokers, especially on small amounts.

Sources

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