Transport Canada Inspectors in Vancouver say it allows 2 hours for the FAA conversion exam. It's a 20 question exam, they say it takes only 45-60 minutes. Exam is graded in Transport Canada's office, same day if not busy, otherwise, come back next day. Licence can be issued from each regional office throughout Canada, ie...Vancouver. Inspectors prefer you come back the following day to pick up licence, they don't like to be rushed in processing licence, ie...making sure application, fees, etc are all properly done.
I already have a Canadian ATPL licence, although I intend to renew my Canadian instrument rating using my FAA ATPL certificate and training records from flight safety. ie...reversing the process! Save myself the expense of doing a separate IFR rating ride to renew.