Waterfront is not suggesting inflation and debt are conflated. The implication of his comment is that there should be more to BoC role than its narrow emphasis on (poor measured) inflation.

Low interest rates can stimulate debt and have certainly contributed to massive inflation in the housing market (of course, BoC does not capture such inflation in its calculations). So lots of correlation - which is not the same as conflation.

And its really not hard to make the case that low interest rates are a desperate attempt to keep the economy moving even if debt levels of individuals rise. The other way would be rising earnings, but companies don't want that. Low interest rates have not stimulated much private sector investment other than for them to take on low cost loans for things like share buy-outs and other financial games. For well over a decade, the intent is to keep personal spending moving regardless of consequence for the individual and the economy at large over time.