After a three year college career with the Michigan Tech Huskies, McRae played with Charlotte of the Eastern Hockey League and Providence in the American Hockey League before joining the Tulsa Oilers of the Central Hockey League in 1971. Signed by Toronto, he first appeared with the Leafs in 11 games during the 1972–73 season. He spent the next few years bouncing between the NHL club and its minor league affiliates in the CHL. His best season was 1974–75 when he appeared in 20 games, posting a 10–3–6 record with a 3.29 GAA. He backstopped the team to a first-round playoff upset over the Los Angeles Kings that season.
McRae final seasons were either as a back-up with the Leafs or in the Central League before retiring after the 1977–78 season. While with the Dallas Black Hawks of the CHL in 1976–77, he won the Terry Sawchuk Trophy and was named to the CHL first All-Star team.
- 1976-77 Terry Sawchuk Trophy