Wealthsimple draws a $1M grand prize each monthly contest, plus thousands of secondary cash prizes. Registering alone gives you 500 entries, and every dollar you deposit adds one more. How to enter, and how to stack up the most entries.
The Monthly Millionaire is a recurring contest Wealthsimple runs to reward Canadian clients who save. Each edition lasts roughly four to five weeks and includes weekly cash draws, building up to the final draw that awards the $1,000,000 grand prize.
In its official communications, Wealthsimple states that up to seven $1M grand prizes may be awarded across all 2026 contests, alongside secondary cash prizes from $3 to $100,000, thousands of them per draw. Odds of winning depend on the total number of entries received, and no entrant may win more than one prize per draw.
The principle is simple: the more entries you hold in a given month's contest, the better your chances of being drawn. And unlike a traditional lottery, no purchase is necessary, the rules include a no-purchase entry method, as Canadian contest law requires.
Everything happens in the Wealthsimple app. Once your account is open, registering takes under a minute.
Every method stacks. The 100,000-entry cap applies to entries earned from deposits, per contest.
| Action | Entries earned | Notes |
|---|---|---|
| Registering in the app | 500 entries | Requires a Chequing account funded with at least $1. Re-granted each month. |
| Net deposits during the contest | 1 entry per $1 | Capped at 100,000 entries per contest. These are net deposits, withdrawals are subtracted. |
| Spinning the coin in the app | Variable, once a day | Random draw shown right after the spin. Resets at 11:59 p.m. ET, no carry-over. |
| Qualifying referral | 5,000 entries | Per person referred. The best return on your time. |
| Direct Deposit active | Deposit entries ×2 | Doubles deposit-based entries for draws after activation. The 100,000 cap stays the same. |
| Wealthsimple Presents QR code | 500 entries | One time per client, at Wealthsimple events. |
| No-purchase entry (written) | Per the rules | Required by Canadian contest law. Details in each month's official rules. |
Breakdown manually verified · July 2026 · The rules are republished each month, check the official page for the current contest.
Right at the bottom of the For you tab in the Wealthsimple app, below the content cards, sits a gold coin stamped with a W. It goes unnoticed because you have to scroll all the way down to reach it. Spinning it earns extra Monthly Millionaire entries, once a day, with no deposit and nothing to buy.
The number of entries varies from one spin to the next: it's a random draw, which is why two people spinning on the same day end up with completely different results. The exact amount appears on screen right after the spin.
The detail that costs people: the spin resets every night at 11:59 p.m. Eastern and does not carry over. A skipped day is gone for good. Across a contest running four or five weeks, spinning daily makes a real difference to the total.
The same coin has been used for other contests before. In February 2026 Wealthsimple ran it as Spin the Coin, with entries going toward 15 one-ounce gold coins worth roughly $6,670 each. Back then the first spin gave 100 entries and later ones between 10 and 100,000, which gives a sense of how wide the spread can get.
Referrals are the strongest lever. A single qualifying referral is worth 5,000 entries, the equivalent of depositing $5,000, or ten registrations. Once your account is open, your personal code lives in the app: here's where to find it. Every friend who uses it earns you entries and a referral bonus.
Turn on Direct Deposit. Having your pay deposited into your Wealthsimple account doubles the entries your deposits generate for all subsequent draws, which puts the 100,000-entry cap within reach with roughly half the deposits.
Time your deposits inside the contest window. Only net deposits made during the month's window count. If you're planning to transfer a lump sum, moving it while a contest is running rather than between periods changes how many entries you get.
Stay registered. Entries reset with each new contest, but registration carries over: you automatically start the next month with 500 entries again. Unregistering forfeits that head start.
Each monthly contest is split into draw weeks. A draw is held every week, and the $1,000,000 grand prize is awarded at the contest's final draw. Every draw also includes thousands of secondary cash prizes ranging from $3 to $100,000, the exact count varies from week to week and month to month.
As with any Canadian contest, winners must correctly answer a mathematical skill-testing question before receiving a prize, and no entrant can win more than one prize per draw. The number of prizes, exact dates and claim procedures are published in each edition's official rules, the only authoritative source.
The contest is open to Canadian residents who have reached the age of majority in their province or territory of residence. Quebec residents are eligible, which isn't always the case with contests run in Canada.
You need to be a Wealthsimple client with a Chequing account funded with at least $1, and to have registered for the contest in the app. No purchase is necessary: the rules provide a no-purchase entry method to comply with Canadian promotional contest regulations.
The contest and the referral program are two separate things, and they stack. Opening your account with code LOIO3A gets you $35 total: a $25 Wealthsimple bonus after a $100 deposit, plus $10 I send you by Interac e-Transfer once you've filled in the claim form on the homepage.
Handy side effect: the $100 deposit that unlocks the referral bonus also counts as a net deposit in the contest, roughly 100 extra entries on top of the 500 from registering. Already opened your account without a code? What to do about it →
Code LOIO3A: a $25 Wealthsimple bonus + $10 I send by Interac e-Transfer after the claim form = $35 total. After that, registering for the Monthly Millionaire takes under a minute in the app.
Copy the code and open Wealthsimple →