A monthly Wealthsimple sweepstakes where funding a chequing account earns draw entries for weekly cash prizes of $25,000 to $100,000 and a $1,000,000 grand prize, with realistic odds that are extremely long.
Researched and rated by the BrokerBonuses editorial team · Last verified 2026-06-07 · How we rate
Risk warning: Trading carries a high risk of losing money, especially with leveraged products such as CFDs. A bonus does not reduce that risk. Only deposit what you can afford to lose.
Value rating breakdown
Availability
Checking availability…The catch
Prizes are paid as cash with no wagering or turnover, but winners must correctly answer a time-limited mathematical skill-testing question and complete a Winner Declaration and Release form, and have 30 days from the reveal date to claim a grand prize before it is forfeited and redrawn.
How to claim
- Register for Wealthsimple as a Canadian resident at the age of majority
- Open and fund a Wealthsimple chequing (Cash) account with at least $1 to receive 500 entries
- Earn more entries through net deposits (1 per $1), referrals (5,000 per funded friend), and direct deposit (doubled rate), up to 100,000 per month
- Entries are automatically pooled into the weekly and monthly draws; winners are contacted and must answer a skill-testing question to receive the cash prize
Full review
Monthly Millionaire is a free-to-enter sweepstakes, not a guaranteed bonus. Open and fund a Wealthsimple chequing account with at least $1 and you get 500 entries, then 1 entry for every $1 of net deposits, 5,000 entries per referred friend who funds $100, and a doubled entry rate once you set up direct deposit.
Entries cap at 100,000 per month and reset to 500 each new contest. Each monthly contest runs weekly draws (about $25,000 in week one, $50,000 in week two, $100,000 in week three) and ends with a $1,000,000 grand prize draw on the final Thursday.
Secondary cash prizes from $3 to $100,000 are also drawn. All prizes are paid as cash. The catch is the odds. The $1,000,000 figure is the marketing hook, but Wealthsimple has stated there are up to seven $1 million prizes across all of 2026, split among hundreds of thousands of entrants holding up to 100,000 entries each.
The realistic outcome for almost everyone is no prize or a small secondary prize, so this should be read as a free lottery ticket on top of a normal account, not as a deposit bonus with predictable value. As a Canadian contest, winners must correctly answer a skill-testing question before any prize is released, and no purchase is necessary (an alternate free method of entry exists).
Eligibility is limited to Canadian residents who are the age of majority in their province, including Quebec. You need a Wealthsimple chequing (Cash) account to participate. Activity must occur on or after May 28, 2026 to count toward the June 2026 contest, which runs May 28 to June 24 with the grand prize drawn June 25.
Pros
- +Free to enter, no purchase necessary
- +Prizes are cash with no wagering or turnover
- +Open to all Canadian provinces including Quebec
- +Can be stacked on a normal Wealthsimple account you would open anyway
Cons
- −Odds of winning the $1,000,000 are extremely low
- −Up to only seven $1M prizes exist across the entire 2026 program
- −Entries reset to 500 each month, so accumulation does not carry over
- −Larger entry counts require large deposits or referrals
- −Maxing out entries (100,000 cap) via deposits effectively requires parking about $100,000 CAD and not withdrawing it for the entire monthly contest, since entries are net of withdrawals (e.g. deposit $100k, withdraw $20k = 80k entries)
- −The $1 minimum deposit only earns the 500 base entries, 0.5% of the maximum entry weight, so it is not a realistic path to the grand prize
CAD 1,175,000 pool with Wealthsimple
Now you know the terms. Claim it on the broker's own site.
Sources & verification
We research every bonus from the broker's official pages and re-check it on a 60-day schedule.
Confirmed against official sources: type, Bonus amount, Minimum deposit, Eligible countries, Account type.
Broker regulation: Canadian Investment Regulatory Organization (license Investment Dealer - All Canadian Provinces and Territories), Canadian Investor Protection Fund (license Member - CIPF Coverage up to $1,000,000 per account).
- Bonus terms and conditions: promotions.wealthsimple.com ↗
- Wealthsimple official site: wealthsimple.com ↗
Last verified 2026-06-07. Next review within 60 days.