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This is indeed a huge issue for running corporate tax T2 using the GIFI codes that come across wrong to CRA if unnoticed by your average small business who doesn't properly review tax submissions. Fortunately, I review my clients year-ends in depth but it still was a royal pain for time and trying to get it corrected in Xero for ease of future T2 submissions.

Why ever would Xero engineers by design, put unrealized gains on a P&L report? I cite The Bank Revaluations account. Even if just for management financial reports, a bank account is an asset and a revaluation is simply to show this value at a point in time.The Bank Revaluations account should be on the balance sheet in the asset section, but even with that said, bank accounts in Xero for client with multi-currency already reflect the correct valuation on a Xero client balance sheet!
Unrealized gains and losses are simply that, Unrealized.
I raise this point because Xero small businesses owners who may not have the knowledge of tax reporting and preparation and try to run a corporate tax return on their own, may simply draw from the GIFI into a corporate tax return software and have tax applied incorrectly on Unrealized gains & losses! This is a very serious potential forgovernment tax reporting error. Xero users may be skipping consulting an accountant for review before submitting a corporate tax return and are relying on Xero software as automation moves us more & more away from expensive public practice services.
This is a fact Xero engineers may have missed. I quote from a CPA site and a tax specialist a definition of a Realized foreign exchange result that sould be reported on a corporate tax return as FX income on a P&L Income statement...

Realized: A taxable event occurs when you actually convert foreign currency to home currency dollars, use it to buy property, or settle an invoice. All transactions must be converted to Canadian dollars using the Bank of Canada spot rate for the exact date of the transaction
My point is the potential for tax reporting is critical. Most accountants use a tax software to pull data for tax preparation, however, what about the many Xero users that dont? Mis-statement of tax is a critical issue for business owners and for government reporting.
Also, if you look at Xero GIFI set up, itès actually got Unrealized Gains or Losses set for reporting as taxable income or loss when you import into a corporation tax application. Wrong!

the incorrect unrealised FX bank revaluation on the P&L causes reporting issues especially when external parties such as banks review the reports.

Currently XERO record any FX unrealized gain or loss for outstanding foreign currency invoices and bills according to the exchange rate if the day when the invoice or bill is created and then calculate the unrealized gain or loss based on the daily rate movement. When the invoice or bill is paid, the actual gain or loss is then calculated and recorded as FX gain/loss based on the actual base currency amount received. This applies well to foreign currency invoices which are paid to a bank account in base currency.

However, this method should not apply to foreign currency invoices and bills that are paid into or out of a foreign currency bank account as there is no exchange gain/loss at this juncture as the foreign currency was not converted to base currency and the fx exposure is now in the foreign currency bank account. Only when you make a transfer from the foreign currency bank account to the base currency bank account (fx deal to convert the foreign currency to base currency) then the fx gain or loss is realized.

Since we are using Central Bank rates to record spot rates when recording bills and invoices, there should be an option to import central bank rates to set the exchange rates in the currencies settings