@DrDoa: Im not too sure about canadian time compared to standard usa time but i can say this:
the tourament is not a one day tourament, each round will consist of a week's time. You and your opponent pick the best time, and in some chances, the best place to do your fight.
@kyotosfinest: After the initial list is made and the tourament is over, anyone who did not make a spot will have a chance to get on the list. They would have to challenge the #8 spot and beat him first before they could challenge the spot above it. Likewise, if you make spots #2-#8 on the list, you may challenge the spot above you to a fight. There is a section in the OP about challenge fights.
Reminder: the tourament's first round match starts this sunday. The brackets will go up this week. If you did not post your GT/PSN, you will need to get in touch with your opponent by any means necessary for the fight.
Good luck to all.