Another Canadian university story: the University of Saskatchewan has a fairly decent agreement. Faculty, staff, and grad students (but not undergrad students) make an agreement to assign any patents coming from their research to the university, and the university in return gives back 50% of the commercialization of the patent back to the researcher.
Additionally, if the university decides it doesn't want to commercialize a patent, it will return ownership to the original inventor.
Copyright remains wholly with the author.
This came up in my MSc program, when I was considering commercializing some of the software that I wrote while doing my research. Likely not patentable (the university's IP lawyer agreed). My supervisor felt he deserved partial ownership, but I had written all of it on my own. The university's lawyer basically told us that since I was the sole author of the work, and the university has no copyright assignment agreement, it was all mine to do with as I pleased.