Norbert's Gambit at CIBC Investor's Edge | DIY Investing with Justin Bender

[@jaredcorbin3998]

Would this also apply to a TFSA?

[@JustinBenderCPM]

@Jared Corbin: Yes, this process would also apply to a TFSA account.

[@Wds__99]

Is there a video for doing the opposite? ie converting USD to CAD using this system on Investors edge?

[@JustinBenderCPM]

@Stuart Wyllie: No, but it's just the opposite procedure (i.e. buy DLR.U, sell DLR).

[@powshredder3716]

what if you are just transferring it to your taxable cash trading account? not an RRSP.

[@DarcSeraphim]

Hi Justin, thanks for making this video. I called CIBC IE to go over this process today and they told me that as of this morning, Jan 16 2024, they would be charging a $50 fee for all Norbert's Gambit transactions. Do you know anything about this?

[@twinklenutz]

Dont call into IE you can now do this online under the sub account transfers and not pay that $50 charge

[@Zeljko1977]

I wonder if this still applies 4 years later in 2021?

[@kelvinye4890]

I'm gonna try with CIBC, it worked for me in Questrade about a year ago.

[@TT3TT3]

Do you have to open a US RRSP account or is it the same as my CAD RRSP account just in different currency?

[@JustinBenderCPM]

@T: You won't need to open a US dollar RRSP (it will already exist).

[@powshredder3716]

How much does this actually save you compared to doing just an exchange through cibc without norbets as I was on hold for 3 hours with cibc . Wondering if its worth it. Thank you!

[@kelvinye4890]

It depends on how much you are trying to convert. With Norbert's Gambit, you only need to pay the charge for two transactions, in this case $12. But if you convert through regular banks, I believe they charge at least 1-2% fee on the amount you're converting. So if you want to convert 10000 CAD to USD, you need to pay $100-200 for that conversion. So it makes a lot of sense to use this way to convert large amounts.

[@Mycobacterium1000]

Do you think I can execute this in person while I'm in bank creating my TFSA and Investment Account or they can't do it for me in person?

[@youneshalloum2801]

Do we need to call CIBC to transfer the shares to the USD RRSP and then sell them or can we do it ourselves? And if I ask Investor's edge rep about the process, will they assist me or they don't help when it comes to Norbert's Gambit? Thank you!

[@JustinBenderCPM]

@Younes Halloum: You do need to call CIBC to transfer the shares to the USD RRSP (just follow the process in the video). The rep should know what you're doing, but if they don't, ask to speak to a senior client relations representative with experience in processing a Norbert's gambit transaction.

[@samliang4146]

Do u know is it possible to transfer usd directly from my usd personal account to usd cash account under investor edge?

[@JustinBenderCPM]

@Qichen liang - You'd have to check with CIBC IE.

[@JoshWoodYouTube]

what do I use if I want to put a bid on a stock? lets say a stock is currently 1 dollar and i want to place a bid of .99. do I use the Limit option or Stop option?

[@JustinBenderCPM]

@Josh Wood: If you are trying to buy a stock for $0.99 (and it is currently trading at $1), you would place a limit order, with a limit price of $0.99.

[@thamyrissalgueiro2934]

Hi! This video helped a lot to buy stocks in US dollar. Now I just sold the stocks and I would like to transfer the US dollar from my TFSA to my regular bank account (cibc). There is a similar way to transfer the us do cad? Thank you!

[@XIconic]

Isn't the $6.95 commission charged in USD?

[@JustinBenderCPM]

@Enzo Hu: There is a $6.95 CAD commission charged on the purchase of DLR, and a $6.95 USD commission charged on the sale of DLR.U.

[@yanz0619]

how long would the whole process take? if i wanna buy stocks with those funds in usd, would it be available?

[@kingsteven891]

Just did everything less than 2 weeks ago; the whole process took about 4 days or less

[@TT3TT3]

hi just talked to someone at cibc and they won t let me do the Norberts Gambit?

[@JustinBenderCPM]

T - I would call back again and ask to speak to a manager. They can’t refuse to journal a security for you.

[@RiegieGodwin]

Hey Justin, thanks for this. Just wondering if CIBC does in fact charge a currency conversion fee? A source from 2014 says CIBC doesn't charge a fee but can you confirm this?

[@JustinBenderCPM]

@RiegieGodwin: If you are converting currency at CIBC Investor's Edge, there will be a currency spread applicable (basically, a hidden currency conversion fee).

[@jasminesaroya2741]

Couldn't we just tell the CIBC trader to apply FX netting? Or is that no longer possible?

[@manofsan]

​ @Justin & Shannon Bender - hi, how long do you have to wait after completing Step 1, before proceeding to Step 2 and calling in to the trading desk? Does it take some time for Step 1 to execute and update into the computer system? I've been told in the past that CIBC usually takes 2 business days to execute a trading transaction. So after completing Step 1, should I wait 2 days before calling in?

[@zephyrsimon]

Why sell over phone? Wouldn't CIBC charge you $40 commission over phone or something?

[@JustinBenderCPM]

@zephyrsimon: They shouldn't charge you the typical phone rates, as you are unable to place the trade online (but always ensure that they will not be charging a higher commission when you speak with them).

[@zephyrsimon]

I recently have done this and it worked wonders. Thank you.

[@coreywells9498]

I have been on hold with CIBC consistently day after day with no call back option for more than 1 to 2 hours. This process any better than using my knightsbridge acct with a 3 day expedite request? Rates more favourable? Knightsbridge doesn’t put me on hold and I also skip 12$ plus in trading fees. Just curious.

[@sanjeevkr4754]

Hi j can please make a video on cibc investors ede account how to sell and how to put stop loss

[@JustinBenderCPM]

@sanjeev kr: I generally do not recommend placing stop loss orders, so unfortunately I will not be posting a video on this topic.

[@CanadianMang]

Why do you need to call the bank? Can't you do it online yourself?

[@kingsteven891]

You must call them to ask them to journal (transfer) the Canadian ETF to the American ETF. Must.

[@Claire-yz4hx]

2:37 what is the -$10.01 (total value USD, which is $7507.76-$7497.75)? Is it the trading fee? Why it is not $6.95?

[@nooraziz3020]

You got 7.5k USD for 10k CAD? Continental Currency exchanger would of given you 7.5k - 7.8k based on the rates of when this video was uploaded. Am I missing something?

[@JustinBenderCPM]

@Noor Aziz - Do you have a link to Continental Currency Exchange's rates for a $10,000 CAD to USD currency conversion on the exact day I placed the trades in this video (not the day I uploaded the video)?

[@lorrainevilleneuve152]

Ok on this video sound good the way you show the RRSP transfer $7,000 and put in the stocks right....does this affect tax when you use out of RRSP to make money? hope you understand my question about this...

[@TheJoeMoneyShow]

Dammit I converted 150k normal way without this trick wtf!!!! I’m pissed

[@chrishsiung-fb1jz]

no longer works