Here's an article that I wrote that will likely answer your questions:
http://www.macinsiders.com/showthread.php?t=2191 6
If you can, take a full course load (30 units) during the year to maximize the number of schools that you can apply to with the highest possible cGPA.
If you don't take a full course load in first year, then you'll lose U of T's "drop your two lowest 3 unit courses per year (or 6 unit course per year)" marking scheme. Also, University of Toronto does not take summer courses into your GPA.