McGill multiplies each course's credits by its grade points, adds those together, and divides by your total GPA credits. GPA credits only count courses whose final grade carries grade points, so a three-credit course graded A contributes three GPA credits, but a three-credit course graded P contributes none. The result is truncated to two decimal places rather than rounded: a GPA of 3.596 appears on your transcript as 3.59, not 3.60. Your term GPA covers one term's courses at the same level; your cumulative GPA covers your whole record at that level, and it restarts if you move from undergraduate to graduate study.
McGill uses a 4.0 scale with no A+. An A is the top grade at 4.0.
Two exceptions worth knowing: the Faculty of Engineering assigns letter grades according to each instructor's own scheme and may not follow these percentage bands, and the Faculty of Law doesn't use this numeric scale at all.
There are three fixed reference points rather than one answer. You need a minimum cumulative GPA of 2.00 to graduate with a McGill degree. You need a grade of C or better in any course counting toward your program requirements. And you need a C or better in a prerequisite before you can register for the course that follows it, unless the department chair gives written permission. Above those floors, what counts as competitive depends on your faculty and on what you're applying to next, since honours standing and Dean's Honour List thresholds are set faculty by faculty.
On Minerva, in your unofficial transcript, which shows both your term GPA and your cumulative GPA. Final grades are posted after the examination period each term, and the exact release dates are published on McGill's exams and grades pages term by term. The transcript is the official record — this calculator is for estimating a term before grades are released, or for testing what a given set of results would do to your cumulative average.
Every attempt keeps counting. A D or an F stays in your cumulative GPA calculation even after you retake the course or sit a supplemental examination, so repeating a course adds a new grade rather than replacing the old one. Credits are granted only once for a repeated course, whatever passing grade you end up with. This catches people out, because several other Canadian universities do the opposite and substitute the most recent attempt.