In a video released over the weekend, Maguire urges his fellow Muslim countrymen to carry out attacks on Canadian targets. The 23-year-old is identified in the video as Abu Anwar al-Canadi and speaks in English.
Maguire was already reportedly under investigation by the RCMP.
Blaney said an internal government measure used to assess threats hasn't been heightened as a result of the video.
He pointed to legislation the government plans to bring to the House to give police more power to deal with cases like Maguire's.
"We are currently working on legislation that would provide more tools to our law enforcement agencies so they are better able to track, build evidence and lay charges," Blaney said.
Justice Minister Peter MacKay called the Maguire case disturbing and said it speaks to the need for vigilance. But Canadian officials likely won't arrest Maguire, he said.
"That is highly unlikely. What we need to do, obviously, to the greatest extent possible, is to monitor his activities," MacKay said on his way into the House of Commons on Monday.
"The RCMP of course are examining things such as recognizance and peace bonds that are preventative and pre-emptive, and we're looking at legislation, as you know, that would address that through such things as lowering [evidentiary] thresholds and allowing for police to have greater ability to intervene in cases such as this where there have been very pronounced and very specific threats that have been made."
Maguire's video references Michael Zehaf-Bibeau's October attack in which he killed an honour guard at the National War Memorial in Ottawa before storming Parliament Hill, where he was shot and killed.
Abu Anwar al-Canadi does not appear to be under duress in the video. CBC News does not know if he made the statement of his own free will.
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