GPA cutoff: at application time or end of year?

Based on what I've seen in the forums, I've gotten a little confused about Queen's GPA cutoff policy.

Would they calculate your cGPA at the time of your application? So say you applied in September 2005, would they not include your GPA from the 2005-06 school year?

OR

Do they wait until the end of the year before calculating your cGPA?