Reykjavik is 7 hours ahead of Calgary
Best overlap: 8:00 AM to 11:00 AM in Calgary is 3:00 PM to 6:00 PM in Reykjavik.
Schedule calls for 8:00 AM to 11:00 AM in Calgary — your colleagues in Reykjavik will be online from 3:00 PM to 6:00 PM. Around 3 hours of overlap is enough to work comfortably, as long as meetings don't drift to the end of one team's day. Remember that Calgary shifts for daylight saving and Reykjavik doesn't, so recalculate the overlap after each clock change.