Nearly 40% of Canadian university students are depressed. However, strong social support may mitigate adverse outcomes for some. This study examined: (1) If students who showed initial depression were more likely to experience poorer end-of-semester well-being (continued depressive symptoms, burnout, and poor social and academic adjustment); and (2) if social support was a moderator for initial depression effects on poorer end-of-semester well-being. Participants (N = 461) were first-time first-year undergraduates who completed questionnaires in September and December 2018. Entering university with depressive symptoms was associated with end-of-semester depression, burnout and decreased academic adjustment. Across well-being outcomes, social support was not beneficial for those who entered university with high depressive symptoms.