Yeah, it's pretty much the same way in Canada. Considering the proximity of the two countries, it really makes sense. Americans sometimes study at Canadian universities and visa versa, so it's made to be quite similar.
One thing that Canada does not have however, is a standardized high school test (SAT), so academic recognition is a little bit subjective depending on the school that you come from. There are standardized tests for higher academic levels, such as the MCAT, which is the medical test, or the LSAT, which is the law test.
About the issue of racial equality, I have Anishinaabe heritage, so I can get some advantages from that. I'm not sure if it's as big of an issue in Canada as it is in the States, though.