I think it's important to study in an area with few to no distractions such as the library. I also find that lighting is also important. Study in a well lit area. I find sunlight to be ideal.
Know what you're studying for. I find the best way to do that is to take a look at past exams. If you go to U of T, you can access them at:
http://eres.library.utoronto.ca/courseindex.asp. Profs who have taught the same course before do not like to venture far from previous formats or even questions for that matter. An old exam will tell you what your prof deems to be the essential material. Knowing this will allow you to specialize in a few key areas rather than having to know everything. You could have a very solid understanding of the material, but if you do not know how to attack the question you will not meet that potential. It also avoids those surprises when you read a question and curse at yourself for not having any idea how to answer it.
Also find out how you learn best, whether it be audio/visual i.e. in a lecture, or if you learn best by merely reading. I learn best when I read and then make condensed notes in my own words of the key subjects. Associate key words with a certain topic or sub-topic. When you recall that key word in your head during an exam, hopefully the material will come back to you.
I wish I had figured this out in first year. Hope this helps and good luck!