Loaning or Borrowing a Firearm
Firearms Act section [FA s.] 33: A person may lend a firearm only if (a) the person (i) has reasonable grounds to believe that the borrower holds a licence authorizing the borrower to possess that kind of firearm, and (ii) lends the borrower the registration certificate for the firearm…
Therefore, you may lend a firearm to a person with a POL, because he “holds a licence authorizing the borrower to possess that kind of firearm.” You do not need to do a formal transfer of the firearm, because FA s. 21 says that “For the purposes of sections 22 to 32 (the transfer procedure sections), ‘transfer’ means sell, barter or give.”
Criminal Code section [CC s.] 84(4)(b)(ii): “84(4) For the purposes of this Part, a person is the holder of… (b) a registration certificate for a firearm if… the person possesses the registration certificate with the permission of its lawful holder.”
Therefore, the borrower is the “holder” of both a licence to possess that kind of firearm and a registration certificate for that particular firearm, so he is in fully legal possession of it.
You cannot legally lend someone a firearm unless you also lend him the registration certificate, so you cannot lend a firearm that you legally own under the provisions of CC s. 98 unless you have a registration certificate for it to loan with it.
FA s. 59: “An individual who holds an authorization to carry or an authorization to transport need not be the person to whom the registration certificate for the particular prohibited firearm or restricted firearm was issued.”
Therefore, a borrower can get an authorization to carry or an authorization to transport a borrowed firearm. Often, he will not need an authorization to transport a borrowed handgun, because his existing ATT will cover it by language like, “all restricted firearms and prohibited handguns for which he holds registration certificates” [see CC s. 84(4)(b)(ii)].