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

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

Yes, you can do Norbert's Gambit on TD Direct Investing, and you no longer have to phone in. The standard route is online: buy DLR, transfer it to the U.S. side using WebBroker's Securities Transfers tool once the trade settles, then sell DLR.U. There is no journaling fee, just the regular $9.99 commission on each trade. There is also a faster phone option, but it costs extra.

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

The online method (no phone call)

  1. Buy DLR. In your Canadian-dollar account, buy DLR.TO with a limit order at the ask.
  2. Wait for settlement. This is the step people get wrong. The trade settles in one business day (T+1), and you must wait for it. If you try to transfer before settlement, WebBroker may say the transfer was successful while nothing actually moves.
  3. Transfer the shares. In WebBroker, go to Accounts, then Securities Transfers. Search for DLR and transfer it from your Canadian-dollar account to the matching U.S.-dollar account, for example from a CAD TFSA to a USD TFSA. This is TD's journaling step.
  4. Sell DLR.U. Once the shares are on the U.S. side, sell DLR.U with a limit order at the bid. Start the order from the top Buy/Sell menu and type DLR.U, rather than using the inline sell button next to the holding, which can default to the wrong listing.

A display quirk to expect: on the U.S. side the holding may still show as DLR with a Canadian flag. That is cosmetic. You still sell it as DLR.U.

The same-day phone option

If you need it done in a single day, you can call TD, say you want to do Norbert's Gambit, and a licensed representative will place the trades as a same-day transaction so you skip the settlement wait. This convenience carries a fee, reported at around $43 to $45. For most people the free online method is worth the extra day or two.

What it costs at TD Direct Investing

So the cheapest TD path is about $20 plus the bid-ask spread. Estimate your own savings with the calculator.

Accounts and timing

TD Direct Investing supports the gambit in TFSA, RRSP, and non-registered accounts. You need both a Canadian-dollar and a U.S.-dollar side of the same plan set up before you start. Using the online method, plan for about three to five business days from buying DLR to having usable U.S. dollars, since you have to wait for settlement before the transfer.

Frequently asked questions

Do I have to call TD to do Norbert's Gambit? No. The online WebBroker Securities Transfers tool lets you journal the shares yourself. Phoning is only needed if you want the faster same-day option, which costs extra.

Why did my securities transfer not work? Almost always because the buy had not settled yet. Wait the full settlement period (T+1), then the transfer will go through.

How do I sell the U.S. side? Start a fresh order from the Buy/Sell menu and type DLR.U, rather than using the inline sell button next to the holding, which can pick the wrong listing.

What does it cost at TD Direct Investing? The standard $9.99 per trade, about $19.98 total, plus the spread. The online transfer itself is free. The same-day phone option adds roughly $43 to $45.

Sources

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