Official CaVirtex.com Thread

[Gryph]

Yesterday I requested an EFT to deposit some money since the fee was "free". While i waited i checked the fee again and today i just saw the fee jump to $30-$50. Will I be charged the new fee on my previous deposit or am I still on the old free fee until my deposit clears?

 I'll use the $5 bill payment method in future transactions.

Can i cancel the old deposit if we're going with the new fee?

[cavirtex]

Yesterday I requested an EFT to deposit some money since the fee was "free". While i waited i checked the fee again and today i just saw the fee jump to $30-$50. Will I be charged the new fee on my previous deposit or am I still on the old free fee until my deposit clears?

 I'll use the $5 bill payment method in future transactions.

Can i cancel the old deposit if we're going with the new fee?

Hi Gryph,

Thank you for your business.

You will be on the old fee until your deposit clears. The new EFT fees apply from today (approx. 12:50 pm ET) onward.

We encourage all CaVirtex customers to use online bill payment in future transactions.

For full details on the fee changes, please visit: https://www.cavirtex.com/news

[Gryph]

Hi Gryph,

Thank you for your business.

You will be on the old fee until your deposit clears. The new EFT fees apply from today (approx. 12:50 pm ET) onward.

We encourage all CaVirtex customers to use online bill payment in future transactions.

For full details on the fee changes, please visit: https://www.cavirtex.com/news

THANKS!

and general thanks for all your hard work. You're doing a great job.

Take care.

[enter`name`here]

Are there no inexpensive ways for small time buyers to make cad deposits? As someone who puts $20 a paycheque into bitcoins, the $5 per deposit fee represents a whopping 25% loss of capital before ive even made a trAde.

[sayulita]

Yesterday I requested an EFT to deposit some money since the fee was "free". While i waited i checked the fee again and today i just saw the fee jump to $30-$50. Will I be charged the new fee on my previous deposit or am I still on the old free fee until my deposit clears?

 I'll use the $5 bill payment method in future transactions.

Can i cancel the old deposit if we're going with the new fee?

Hi Gryph,

Thank you for your business.

You will be on the old fee until your deposit clears. The new EFT fees apply from today (approx. 12:50 pm ET) onward.

We encourage all CaVirtex customers to use online bill payment in future transactions.

For full details on the fee changes, please visit: https://www.cavirtex.com/news

I sent you a message the other day. When you have a moment, I would love to hear back from you.

Thanks.

[posormo]

How are the taxes working on this exchange?   If I purchase a BTC for say 100 USD.   Are they charging the GST on top of the full wack, or are they charging the GST on their fees only?   

[niko]

How are the taxes working on this exchange?   If I purchase a BTC for say 100 USD.   Are they charging the GST on top of the full wack, or are they charging the GST on their fees only?   

The exchange is not selling you bitcoins. They provide a service of matching orders between buyers and sellers. They charge the fee for this service, and tax is included in this fee. The rest is between you and the CRA?
Am I right?

[cavirtex]

How are the taxes working on this exchange?   If I purchase a BTC for say 100 USD.   Are they charging the GST on top of the full wack, or are they charging the GST on their fees only?   

Hi posormo,

GST is inclusive in our fees (i.e. you will not be charged "GST on top of the full wack"):

https://www.cavirtex.com/faq#taxes

[cavirtex]

How are the taxes working on this exchange?   If I purchase a BTC for say 100 USD.   Are they charging the GST on top of the full wack, or are they charging the GST on their fees only?   

The exchange is not selling you bitcoins. They provide a service of matching orders between buyers and sellers. They charge the fee for this service, and tax is included in this fee. The rest is between you and the CRA?
Am I right?

Correct, niko.

[ArticMine]

First my disclaimer: I am not a lawyer, accountant or other financial advisor and this should not be construed as legal, accounting or financial advice

The question of whether Bitcoin is subject to GST is a valid one, and if we assume that it is indeed subject to GST there is no practical way on Virtex for the seller to collect the GST or more importantly for the buyer to obtain a GST number and receipt for the GST on the Bitcoins as opposed to the fees in order to be able to file a claim for a refund if appropriate. So this question needs to be answered. One only needs to see the many EU VAT threads to recognize the issue here.

Now having said that I do not believe Bitcoin is subject to GST and posted my reasons why in the following post https://bitcointalk.org/index.php?topic=77186.msg886127#msg886127. It comes down to whether the definition of money in section 123 of the Excise Tax Act http://laws-lois.justice.gc.ca/eng/acts/E-15/page-94.html#h-71, legislation from the the 1990's, is broad enough to include Bitcoin. The argument I would make is that Bitcoin is similar enough to currency and that its primary use is as money so it is be included in " and other similar instrument " under the act.

I would also argue that it is in the Government's best interest to not treat Bitcoin as subject to the GST for the very same reason I indicated in the German / EU VAT case https://bitcointalk.org/index.php?topic=277473.msg3002465#msg3002465

[Transisto]

Q3. Where are the dividends ?

[cavirtex]

Q3. Where are the dividends ?

Virtex CEO Joseph David is planning a dividend and company update by Sept. 30, if not earlier.

[cavirtex]

Why does it take 5 or 6 days for a deposit to hit my account on cavirtex when you withdrawal from my account the same day I make the request?

Hi bakada,

This is the frustrating reality of the Canadian banking system. Even though the funds are often withdrawn from your account on the same day as your EFT request, your funds are not fully released from your bank for up to five days. This is one reason why we encourage customers to make bill payment deposits. Not only are they cheaper, they are also faster (i.e. 2-3 days).

[cavirtex]

According to my bank the funds are available to you within 24 hours of the withdrawal date.  So I'm not sure the "frustrating reality" is entirely accurate.   Is this a hold placed on your side to combat fraud? 

Thanks.

As I'm sure you can appreciate, we need to be careful about discussing banking matters on a public forum.

If you would like to discuss this matter further, please submit a support ticket: http://support.cavirtex.com/

Thank you for your understanding.

[niko]

According to my bank the funds are available to you within 24 hours of the withdrawal date.  So I'm not sure the "frustrating reality" is entirely accurate.   Is this a hold placed on your side to combat fraud? 

Thanks.

Why do you need to know this? Cavirtex Web page states it takes 3-5 business days for direct bank transfer from you to them. That's what it is, and that's all I need to know.

[grue]

Is it possible to transfer CAD funds between two cavirtex accounts? I have some CAD that I'd like to withdraw, but I don't want to pay the $6 withdraw fee. Instead, I was planning to find a local buyer to trade cavirtex CAD for in-hand cash.

[cavirtex]

Is it possible to transfer CAD funds between two cavirtex accounts? I have some CAD that I'd like to withdraw, but I don't want to pay the $6 withdraw fee. Instead, I was planning to find a local buyer to trade cavirtex CAD for in-hand cash.

At the present time, you cannot transfer CAD between two CaVirtex accounts. You can, of course, transfer BTC.

[grue]

Is it possible to transfer CAD funds between two cavirtex accounts? I have some CAD that I'd like to withdraw, but I don't want to pay the $6 withdraw fee. Instead, I was planning to find a local buyer to trade cavirtex CAD for in-hand cash.

At the present time, you cannot transfer CAD between two CaVirtex accounts. You can, of course, transfer BTC.

Can you add this feature?

[ColdHardMetal]

Is it possible to transfer CAD funds between two cavirtex accounts? I have some CAD that I'd like to withdraw, but I don't want to pay the $6 withdraw fee. Instead, I was planning to find a local buyer to trade cavirtex CAD for in-hand cash.

At the present time, you cannot transfer CAD between two CaVirtex accounts. You can, of course, transfer BTC.

Can you add this feature?

That would probably put them into a whole new regulatory level.

[grue]

That would probably put them into a whole new regulatory level.

doesn't seem to be an issue with other exchanges