You could be charged with Plagiarism (after all, you are handing someone else’s work in as your own), and your friend could be charged with Participating in an Offence. Both of these charges can carry penalties of up to F8 in the class and a suspension. A notation of 8 stands for Inappropriate Academic Behavior, and it stays on your transcript for 2 years. After that, the “8” is removed, and you are left with just the grade. See Plagiarism (Section 30.3.2(1)) and Participating in an Offence (section 30.3.6(5)) in the Code of Student Behavior.
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Code of Student Behaviour Section 30.3.6(5)
No Student shall counsel or encourage or knowingly aid or assist, directly or indirectly, another person in the commission of any offence under this Code.
Code of Student Behaviour Section 30.3.2(1)
No Student shall submit the words, ideas, images or data of another person as the Student’s own in any academic writing, essay, thesis, project, assignment, presentation or poster in a course or program of study.
Note: This definition does not include intentionality; it's plagairism whether it was intentional or accidental!