Dual-Listed Horizons DLR
DLR.TO and DLR.U.TO are identical shares of the Horizons US Dollar Currency ETF. DLR.TO is bought in CAD, while DLR.U.TO is priced and settled in USD.
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Norbert's Gambit & FX Spread Eliminator
Canadian banks and brokerages charge a predatory 1.5% to 2.5% currency conversion markup when buying U.S. ETFs. Calculate your exact net dollar savings and get step-by-step journaling instructions for your brokerage.
NET DOLLARS SAVED
$293
Total cash saved on this single conversion compared to bank rates.
TYPICAL BANK FX MARKUP
$298 (1.99%)
Hidden spread fee taken by your brokerage if converted automatically.
TOTAL EXECUTION COST
$5.50
Fixed trade commissions for buying & selling the dual-listed ETF.
Conversion Parameters
Norbert's Gambit delivers massive savings on conversions of $1,000+.
💡 Why Convert to USD?
Under the Canada-U.S. Tax Treaty, holding U.S.-domiciled ETFs (like VTI or SCHD) directly inside an RRSP is 100% exempt from the 15% foreign withholding tax on dividends!
Execution Blueprint for Questrade
Follow these sequential steps to convert at the institutional interbank exchange rate:
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Mechanics Explained
How Norbert's Gambit legally bypasses bank FX spreads
Understanding the mechanics of Horizons DLR and interlisted securities.
The Journaling Process
Journaling simply moves your shares from the Canadian ledger to the U.S. ledger of your account at your brokerage. It is not a taxable sale and incurs no capital gains tax.
Settlement Discipline
Canadian equity trades settle in T+1 business days. Wait until the trade settles before requesting the journal to avoid brokerage rejection.