Wealthsimple's Monthly Millionaire is a recurring cash contest where every Canadian with a funded Wealthsimple chequing account has a shot at winning $1 million — with no ticket to buy and no skill required. Just deposit money you were already planning to save, and you're entered.
Here's how it works, how the prizes are structured, and how to maximize your entries.
What Is the Monthly Millionaire?
Monthly Millionaire is Wealthsimple's ongoing cash giveaway that runs on a monthly cycle. Each contest period includes four weekly draws building up to a grand prize:
| Week | Prize |
|---|---|
| Week 1 | $25,000 |
| Week 2 | $50,000 |
| Week 3 | $100,000 |
| Week 4 (Grand Prize) | $1,000,000 |
There are also thousands of smaller cash prizes ranging from $3 to $500 drawn throughout the month. Entries carry forward between the weekly draws within a contest period — you don't lose your entries after Week 1.
The June 2026 contest runs from May 28 to June 24, 2026. A new contest opens the day after each grand prize draw.
How to Enter
You need a Wealthsimple chequing account with at least $1 in it to participate. The account is free, has no minimum balance, and earns interest — so there's no cost to being eligible.
Once registered, there are five ways to earn entries:
1. Sign-up registration — 500 entries Register for the contest in-app or via the Monthly Millionaire page. You re-register each contest period; entries don't roll over from month to month.
2. Net deposits — 1 entry per $1 Every dollar of net deposits during the contest window earns one entry, up to a cap of 100,000 entries per contest. Net deposits means total deposits minus any withdrawals — so if you deposit $50,000 and withdraw $5,000 during the period, you have 45,000 entries from deposits.
3. Referrals — 5,000 entries per friend Refer a friend who signs up with your referral code and deposits at least $100 within 30 days, and you earn 5,000 entries. Referring just two friends adds 10,000 entries — equivalent to depositing $10,000.
4. Direct deposit — doubles all your entries Set up direct deposit of your paycheque to your Wealthsimple chequing account and every entry you've earned is doubled on each draw. This is the single highest-leverage move available — a $50,000 balance with direct deposit active gives you the same entries as a $100,000 balance without it.
5. Wealthsimple Presents QR code — 500 entries Tune in to a Wealthsimple Presents livestream event and scan the QR code shown during the presentation for 500 bonus entries.
The 100,000 Entry Cap
Entries are capped at 100,000 per contest period per person. To hit the cap through deposits alone you'd need $100,000 in net deposits. With direct deposit active, you reach the same cap at $50,000 — since your entries are doubled on each draw day.
Referrals also contribute to your total. Two referrals (10,000 entries) plus a $40,000 deposit with direct deposit active would get you to the cap.
No Purchase Necessary
You don't need to fund an account to enter. Wealthsimple offers a no-purchase essay entry method — submit a 100-word essay on the topic of how you would grow your wealth with one million dollars via the link on the Monthly Millionaire page. Essay entries are worth 500 entries for the initial submission.
How the Referral Bonus Connects
Using referral code US0EBW when you sign up doesn't just get you the $25 cash bonus — your deposit also immediately starts earning Monthly Millionaire entries. A $100 qualifying deposit gives you 100 entries on top of the $25 cash. A $5,000 deposit gives you 5,000 entries. The two rewards stack automatically.
And once you're a Wealthsimple member with your own referral code, every friend you refer adds 5,000 entries to your Monthly Millionaire total — on top of the $25 cash bonus you both receive.
Is It Worth It?
The Monthly Millionaire doesn't require you to do anything beyond keeping money in an account you'd likely be saving in anyway. The odds improve meaningfully with more deposits and referrals, and there's no downside — your money stays accessible and earns interest throughout.
For new Canadians looking to start investing or consolidate savings, it's simply another reason to move money to Wealthsimple sooner rather than later.
🎁 Sign up at Wealthsimple with referral code US0EBW to claim your $25 sign-up bonus and start earning Monthly Millionaire entries today.