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As a graduate student, there are some key things you should know about intellectual property:
From the Graduate Student Handbook:
Issues of intellectual property and authorship should be made clear
Supervisors are responsible for informing students about university policies that govern intellectual property, and about any specific intellectual property issues that are likely to arise from their research. Even when issues are not clearly defined, it is important that students and supervisors have a discussion and reach an agreement early in their relationship regarding issues including rights of authorship, the order of authorship on multi-authored publications, and ownership of data.
Students have substantial responsibilities for managing their own graduate education
Students share in the responsibility for the goals that they successfully complete their program, and that it be of high quality. They are responsible for knowing and conforming to the various policies and procedures that may concern academic and research conduct, intellectual property, human subjects, animal welfare, health and safety, as well as degree and program requirements and timelines.
In the course of their research, graduate students may create intellectual property (IP) either on their own or in concert with others (e.g. supervisors, other students). Graduate students have certain rights to the protection of this IP, both for recognition of their role in its creation and in cases where there may be opportunities for the IP to be commercialized.