What is transfer credit?
Transfer credit is credit toward your McGill program granted for courses taken at another institution. Transfer credit can be granted for a specific McGill course (if the coursework is deemed to be equivalent), or as a block of credits (i.e. for CEGEP graduates).
What is an exemption?
An exemption may be granted if you have completed a course at another institution that is equivalent to a McGill course. An exemption does not give you course credits. Rather, it means that you must take another course in the place of the one for which you receive the exemption.
If you receive an exemption, you must consult your program requirements in the undergraduate calendar to determine what courses you can take instead. If you're unclear about how exemptions work, an advisor can help.