No Waterloo is not and will not call itself a part of greater Toronto. It's like saying Baltimore is a part of DC (just a little bit closer), or like saying Philadelphia is a part of New York City (just a little bit farther).
Kitchener-Waterloo is a distinct town, and is a part of the original Canadian "Tech Triangle" - with the demise of RIM/Blackberry, it's lost the lustre but there's no way anyone can take seriously bundling Waterloo into the Greater Toronto Area.
Those cities are actually part of a geographic region called the Golden Horseshoe Area, which is more comparable to Census Statistical Areas in the US (like the SF Bay Area, Baltimore-Washington Area, and Chicagoland).
Kitchener-Waterloo is a distinct town, and is a part of the original Canadian "Tech Triangle" - with the demise of RIM/Blackberry, it's lost the lustre but there's no way anyone can take seriously bundling Waterloo into the Greater Toronto Area.