CIC has no way of knowing how you came to have the funds behind the check. There's no way for them to tell if the funds were borrowed, gifted, etc.
My personal opinion here is that you should cash the travelers check and deposit it into the bank account, and provide a paper trail of where the funds came from that were deposited to prove it wasn't a loan. When you're ready to travel and move to Canada, you can convert the funds back to a traveler's check.