Canada has been far more restrained in spending than the US but we are still way over what I think we should be doing.

I think your assessment of inflation in Canada is probably pretty accurate but I do not expect it to be evenly spread out. I think that it will split between the things you want and the things you need. The things you need to buy like energy, food, insurance, etc going up far more than the wants. This mean for most people the impact will be greater than the headline rate.

The wild card is Canada's economy being so tied to the US.
If they have big problems so will we and Ontario and Quebec will probably be the hardest hit. Under that scenario it will be the governments further reaction to this that will dictate what happens.