Norbert's Gambit on RBC Direct Investing: Step-by-Step (2026)

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

RBC Direct Investing is one of the easiest places to do Norbert's Gambit, because there is no separate journal request and no phone call. You buy DLR on the Canadian side, then sell DLR.U on the U.S. side of the same account, and RBC automatically crosses the two trades so the positions net out. It can usually be done the same day. Each trade costs the standard $9.95 commission, and there is no journaling fee.

For the general method, see the step-by-step guide. This page is specific to RBC Direct Investing.

The steps at RBC Direct Investing

Buy DLR. In the Canadian-dollar side of your account, buy DLR.TO with a limit order at the ask.
Sell DLR.U. In the U.S.-dollar side of the same account, place a sell order for DLR.U.TO with a limit order at the bid. You may get a warning prompt because the system sees you selling something you do not appear to hold yet. You can accept it, because you do hold the position through your DLR shares.
Let RBC cross the trades. RBC offsets the negative DLR.U position from your sale against the positive DLR position from your purchase, so the two cancel out. There is no separate journal request to submit. The U.S. dollars are available for new trades right away.

That is the whole process. Many people complete both legs within minutes on the same day.

A couple of things to watch

Withdrawals wait for settlement. You can use the converted U.S. dollars to buy U.S. securities immediately, but you cannot withdraw the cash to a bank account until the trades settle, which is one business day (T+1).
Occasional debit interest. Now and then the offsetting positions take an extra business day to clean up, which can trigger a small debit-interest charge. If that happens, a quick call to RBC will usually get it reversed. It is the exception, not the rule.

What it costs at RBC Direct Investing

Commissions: the standard flat $9.95 per trade, so about $19.90 for the two legs.
Journaling fee: none. The cross is automatic.

So your total cost is roughly $20 plus the small bid-ask spread on DLR. On a few thousand dollars or more, that is far less than RBC's built-in currency conversion would cost. Check your own figures with the calculator.

Accounts

RBC Direct Investing supports the gambit in RRSP, TFSA, and non-registered accounts, as long as the account has both a Canadian-dollar and a U.S.-dollar side. It is a common way to hold U.S.-listed investments in an RRSP, where qualifying U.S. dividends are exempt from the 15% withholding tax under the Canada-U.S. tax treaty. See the tax page for the account details.

Frequently asked questions

Do I need to call RBC to journal the shares? No. RBC crosses the trades automatically when you buy DLR and sell DLR.U in the same account. There is no separate journal request.

Can I do it the same day at RBC? Usually yes. Many people buy DLR and sell DLR.U within minutes. The cash is usable immediately, though withdrawals wait for settlement.

What does it cost at RBC Direct Investing? The standard $9.95 per trade, about $19.90 total, plus the bid-ask spread. There is no journaling fee.

Why did I get a warning when selling DLR.U? Because the system sees a sale of a security you do not yet appear to hold. You can accept it, since you hold the position through your DLR shares, and RBC offsets the two.

Sources

RBC Direct Investing help and trading pages: rbcdirectinvesting.com
Canadian Portfolio Manager, Norbert's Gambit at RBC Direct Investing (process and debit-interest note)
Global X US Dollar Currency ETF (DLR/DLR.U): globalx.ca/product/dlr

This article is general information, not financial or tax advice. RBC's fees and processes change. Confirm current details in your account before you trade.