We're concerned about Canada's federal debt-to-GDP ratio at 50%, but the Japanese debt-to-GDP ratio is at 260%, and they're desperate for more inflation. They've been encountering deflation since real estate crashed there in the 1990s, and so that is exactly a problem that we should hope to have.
Certainly, higher inflation would give the Bank of Canada more flexibility. Frankly, they're scraping along with zero lower bound. There's no way to increase economic growth anymore by lowering interest rates; they're already at zero. Higher inflation would give the Bank of Canada more flexibility to have slightly higher interest rates and potentially provide a bigger kick to the economy in the next recession, which will inevitably happen.