For most programs the limit is 48 units (16 1-term courses), and yes it does include the 30 units you completed in first year.
Double check your program in the undergraduate calender to see if the limit is 48 units or not. If you exceed the limit it will not count towards your degree and you'll just learn for fun (with a price of ~$550).
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Honours Chemistry Co-op (09-14)
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