Finance Minister Jim Flaherty says he has no plans to tax excessive bonuses handed out to bank executives, but is warning Canadian bankers they must follow international guidelines on compensation.

Flaherty was responding to calls by Britain and France for a new international tax on bank bonuses.

In a column in the Wall Street Journal, British Prime Minister Gordon Brown and French President Nicolas Sarkozy wrote that a “one off tax” on bonuses is a priority since bank fortunes have risen mostly due to government largesse.

Flaherty said he will insist that Canadian bankers follow the newly-established rules set down by the G20 on compensation but that he won't go so far as to create a new tax.

The finance minister says Ottawa wants to grow Canada as a financial centre and is against imposing punitive new taxes on anybody.