The University of Waterloo has a number of licensing arrangements for a variety of packages, often at very reasonable rates.
For faculty and staff members with work laptops, Microsoft Office license needs to be renewed every 6 months or less. If you're on campus, the license is renewed automatically. To renew the license from off-campus, you must connect to UWaterloo's campus network via virtual private network (VPN) first and then launch one of the Microsoft Office applications (e.g., Word).