Even if there are good examples of french and english words with the same spelling but different meanings, I don't really see how that would matter?
Just sticking to English only, there are tons of words that have several different meanings (and are even pronounced differently) depending on the context.
Just for example:
train: Rail cars and locomotive train: Part of a wedding dress train: learning train: physical training
So if the railroad business registers train.ca, then a Gym wants it for a workout website, to bad, first-come-first-served. If there happens to be a French version of that with a different meaning, so what?
It's also worth noting that the french/english policy is the same one that was put into place for the provincial extensions. If you register the base; train.ca, nobody could register train.mb.ca or train.sk.ca etc.
John