Wealthsimple launched Monthly Millionaire as a recurring promotion, not as an August-only contest. Its June 5 announcement said the company planned to award one client $1 million each month, with smaller weekly prizes leading to the monthly draw. The announcement's June publication date is separate from the first contest's earlier registration and entry dates.
The current rules automatically enter participants in the next monthly contest unless they opt out. Entries accumulate across the weekly draws within a monthly period, then reset when the next period begins. A participant receives 500 registration entries, qualifying net deposits add one entry per Canadian dollar, qualifying referrals add 5,000, and an eligible direct deposit can double applicable entries. The total is capped at 100,000 entries per person for each monthly contest.
No purchase is necessary. The current rules provide an essay route for people who do not open or fund a Wealthsimple account: an original essay of at least 100 words earns the initial 500 entries, and additional qualifying essays can add entries up to the same overall cap. A selected winner using that route must open a Wealthsimple chequing account during the claim period to receive a prize.
For the current August contest, entries run from July 30 at 12:00 a.m. ET through August 26 at 11:59 p.m. ET. Scheduled weekly headline prizes are $25,000, $50,000, a 2027 Volvo XC90 or its stated $102,613 cash equivalent, and the final $1-million prize on August 27; the rules also list secondary cash prizes and 100 Monos suitcases each week. Those intermediate prizes, bonus-entry methods and dates can change from month to month, so the current monthly terms rather than the launch article govern participation.