"An undertaking intended to extend knowledge through a disciplined inquiry or systematic investigation" [TCPS2, Glossary]

"For the purposes of this Policy, 'minimal risk' research is defined as research in which the probability and magnitude of possible harms implied by participation in the research is no greater than those encountered by participants in those aspects of their everyday life that relate to the research." [TCPS2, Chapter 2, Section B]

Yes. It is acceptable to conduct a single session of data-collection, using a single consent form, to obtain data for use by multiple researchers pursuing separate research projects, provided that the consent form (1) complies with the requirements of the Tri-Council Policy Statement, (2) makes clear all of the purposes for which data are being collected, and (3) clearly identifies the principal investigator and all co-investigators who will be using the data.

Not unless the realistic prospect exists that a faculty member will co-author a paper based on the student's research project. Click here for the policy governing such research.