Given the longstanding role of grades in education, and their increased use for high-stakes decisions including student mobility, admission, selection, and accountability, this paper presents a systematic review of grading policies across all 10 Canadian provinces and 3 territories. In total, 23 policies were inductively analyzed for their articulation of (a) the purposes of grades, (b) the methods used for generating grades, and (c) the relationship between grading and formative assessment. Our analysis revealed significant areas of consistency across Canada while also highlighting important areas of variation. Implications of these findings on the value and use of grades within and across educational systems in Canada are discussed.