Using the data from the Survey on Innovation 1999 of Statistics Canada, we draw a portrait of the University-Industry collaboration in Canada. Our analysis suggests that, at least in the short run, firms that collaborate with universities introduce more frequently original innovations and display superior performance than other firms. Using a simple model of logistic regression, we find that the size of the firm, the research and development (R&D) activity, the type of technology and the sources of information used in the innovation process, all condition the probability that a collaboration takes place. In particular, we conclude that the research collaboration with university is complementary to firm's own R-D activities.