Extremely low GPA (chances?)

[Raads]

I was looking through some threads today and I realised I may have miscalculated my GPA. My cGPA is 80%, so I automatically assumed I would have a 3.7 according OMSAS. However, after accurately calculating my GPA, it turns out I have a 3.40. I'm super bummed out considering I sent in my applications for this cycle already, and dropped $1000 on apps and MCAT combined (since I'll have to retake my MCAT). I'm so upset because I really slacked off last year, and I pretty much have no chance of bringing my GPA up higher than a 3.6 by the time the next application cycle comes around. My MCAT scores weren't good either, but I thought that I would have a (very) slim chance at Mac with a 127 in Cars and what I thought to be a 3.7 GPA. But at this point I know my application is not competitive whatsoever. Do you guys think I have any chance of getting in next year, or should I look into other post grad options (since next year will be my 4th and final year of UG)? 

ECs/Awards:

• 2 NSERC USRAs
• Research project (publication by May)
• Exec position for school's chapter of CCGHR
• Exec position for local non-profit 
• Mentor for autism awareness center
• Golden Key Member 
• Lab assistant for 3 years 
• Volunteer position at Mt. Sinai (only been doing that for a couple months now)

I know I don't have a lot going for me but I could really use some tips/advice. Sorry for the long post, I'm just wondering if I'll have a shot at this or if I should just give up

EDIT: for reference, my GPA for first year was 3.78 and second year was 3.02. I'm beyond upset because I know some universities take the last two years, so if this happened first year I wouldn't be _as_ upset. But by the next cycle, I'll have 3 years of marks, but even if the school takes the last two years, my GPA will still be trash. I'm not really sure what to do at this point, and I really want to know if realistically I can get into med school by the time I graduate

[Meridian]

You have recognized how important undergrad GPA is.   Complete your 3rd and 4th year with high GPA and re-write the MCAT and see where you are. That can open up a few Ontario schools that use weighting (UWO, Queens, U of T).  Potentially a fifth year in undergrad if you need the further GPA boost.  Grad School does not really help that much with Medicine.  It still comes back to your undergrad GPA.