I don't know how recently this was posted on the CIRA site, but when I saw it today it was news to me. Not the part about IDN .ca domains being in the works, but a date has now been set for when we will start seeing them.
IDN .ca domain names with french accented characters will be made available in about five months from now, in early January 2013.
I think most of the best potential french IDN's have already been registered in ASCII characters, because up until now it was the best option available. If you own the .ca ASCII character version of a french word with accents right now, it means you'll have the rights to all the variants when they become available. At least that's how I understand it. I know I have some french words in .ca that I will put to IDN come January.
The information below is from the CIRA.ca website: