Amazing that a National Bank advisor would counsel putting the new Powershares SPHD Canadian domiciled ETF (UHD-T) into a registered account to avoid US tax withholdings. Every ETF that is just a wrap of the US one, and is domiciled here, has its withholding tax extracted at source beforehand without recourse, meaning no exemption by being in an RRSP. It is only foreign-based equities and ETFs that gain the exemption from withholding.

Also, it would be helpful to acknowledge that Horizon's Active Global Dividend (HAZ) is a complete misnomer. Holdings are 70% US and 4% Canada, which is a far cry from a Global asset mix. And comes with a juicy MER.