TD Waterhouse is the best discount broker in Canada for the third year in a row according to the third annual Canadian Business magazine discount brokerage survey ranking Canada’s 12 discount brokerages.

The annual report compiled with the assistance of The Taddingstone Consulting Group Inc., a Toronto-based financial services consultancy, has been ranking Canadian discount brokerages since 1999.

This year’s rankings are based on a number of factors, including cost, determined by each broker’s total bill for five specified transactions, and quality of online trading, measured through an audit of each broker’s Web site. The rankings also take into account availability of research, markets and products, as well as customer service, and automated phone service.