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Norbert's Gambit on Scotia iTRADE: Step-by-Step (2026)

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

Yes, you can do Norbert's Gambit on Scotia iTRADE, but with one big restriction: it is only available in non-registered accounts, not RRSPs. Journaling is done by phone, and it is free. You buy DLR, call an agent to journal the shares to the U.S. side, then sell DLR.U. The commission is the standard $9.99 per trade. For registered accounts, Scotia iTRADE points you to its own currency-exchange service instead.

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

The key restriction: no RRSP

This is the most important thing to know about Scotia iTRADE. The gambit using DLR and DLR.U is not permitted in registered accounts there. If you want to convert currency inside an RRSP, TFSA, or other registered account at Scotia iTRADE, you are directed to use their built-in currency-exchange service, which carries its own markup. The DLR method below applies to non-registered accounts. Policies can change, so confirm with Scotia iTRADE before you rely on this.

The steps at Scotia iTRADE (non-registered)

  1. Buy DLR. In the Canadian-dollar side of your non-registered account, buy DLR.TO with a limit order.
  2. Call to journal. Phone Scotia iTRADE, reach an equity-trade agent, and ask them to journal your DLR shares to the U.S. side as DLR.U. They do it while you are on the call, and it is free.
  3. Sell DLR.U. Once the shares show on the U.S. side, sell DLR.U with a limit order. The proceeds are U.S. dollars.

What it costs at Scotia iTRADE

Estimate your savings with the calculator.

Timing

The journal happens during the phone call, and the trades settle in one business day (T+1). Plan for a few business days overall to have usable U.S. dollars.

Frequently asked questions

Can I do Norbert's Gambit in my RRSP at Scotia iTRADE? No. Scotia iTRADE does not allow the DLR gambit in registered accounts. It offers a built-in currency-exchange service for those instead. The gambit applies to non-registered accounts.

Is journaling free at Scotia iTRADE? Yes. There is no charge for the journal. You pay the standard $9.99 per trade on the buy and the sell.

How do I journal the shares? By phone. Call Scotia iTRADE and ask an equity-trade agent to journal your DLR to DLR.U.

Is there an account fee? Scotia iTRADE charges an annual fee on smaller accounts unless you meet an asset or trading-activity threshold. Check whether it applies to you.

Sources

This article is general information, not financial or tax advice. Scotia iTRADE's fees and policies change, including the registered-account restriction. Confirm current details with Scotia iTRADE before you trade.