Rather, it will continue with the $61 billion in stimulus spending announced in January.

Switching gears now would be a “misguided'' move that would put the Canadian economy at risk, Flaherty said.

While speaking in Toronto, Flaherty emphasized that Canadians shouldn't expect emergency stimulus measures to become permanent policy.

He said the temporary stimulus measures announced last January in his budget will end as planned by the end of next fiscal year.

Flaherty also reiterated his commitment not to raise taxes or cut transfers to provinces in order to pay off Ottawa's deficit.

Only once a ``firm'' economic recovery has taken hold will the government move to balance its budget, he said.

The finance minister's comments came shortly after the release of data that showed the number of Canadian consumers and businesses filing for bankruptcy was up in September.

The Office of the Superintendent of Bankruptcy reported that 489 businesses had filed for insolvency during the month, a 31.6 per cent increase from August and up 1.6 per cent from September 2008.

Personal bankruptcies spiking to 15,465 in September, an increase of 45.5 per cent from the same month last year and 28.4-per-cent higher than in August.

The bankruptcy office suggested seasonal variations may have accounted for a portion of the month-to-month increases, noting there were more insolvencies in September than in August in seven of the last 10 years.