When you perform Norbert’s gambit in a non-registered account at TD Direct Investing, most of the steps are the same as in an RRSP. However, you will need to wait three business days (T+3) for the DLR trade to settle on the Canadian-dollar side of the non-registered account before asking TD to “journal” the shares to the US-dollar side (Alternatively, you can contact a trader at TD and immediately sell DLR.U, but this will cost you $43 instead of the usual online trade commission). Once this is complete, you will be able to sell DLR.U and buy your US-listed ETF.

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