I was pretty much in the exact same boat as you... only out at UBC (did a first year of general studies and in order to get into the business program). I worked my butt off first year and managed to do just that.. but looking back I do wish that I did more 'first year' stuff in my first year. Granted, I more than made up for it in my second and third year....
Moral of the story is.. keep up in your classes (it seriously makes your life SO much easier) but don't forget to have fun with it too. University is what you make of it man... so enjoy it.
Captain's advice is pretty damn important too