Support for the hospital
Life insurance policy totaling $250,000 donated to QEH
Being in the car industry for most of his working career, Fair Isle Ford franchise owner Peter MacDonald thought it was time to support the Island community that has supported his family business.
Peter and Karen were married in 1980 and five years later purchased D. Alex MacDonald Ltd. in Summerside from Peter’s father, D. Alex, who had operated the Ford franchise since 1961.
After successfully operating in Summerside for many years, the couple expanded and purchased Fair Isle Ford in Charlottetown and Montague.
Recently, they decided to give back to P.E.I.
“Like many new business owners, we had purchased a life insurance policy as a safety measure to cover our business loan,” says MacDonald. “Fortunately, after many years of hard work and dedication, our company did well, and we were able to pay off the insurance policy in the 20-year timeframe.” “We hope by sharing we can inspire others to consider a gift of life insurance. We were very pleased with the entire process and we received a charitable tax receipt for the fair market value of the policy. It’s a win-win situation and everyone benefits.” Peter MacDonald
With MacDonald’s volunteer role as a Queen Elizabeth Hospital Foundation director and his wife’s long career as an X-ray technologist, they know first-hand the importance of top-notch medical equipment in helping diagnose and treat illnesses.
This knowledge helped in their decision to transfer their paid-up $250,000 life insurance policy to the QEH Foundation.
“We have a deep admiration for health care in our province,” says MacDonald. “In the early years, we relied heavily on Karen’s income while she was employed at three different Island hospitals, including the Charlottetown Hospital, the QEH and PCH’s diagnostic imaging department.”
“And with the QEH being the Island’s major referral hospital and more than 1,000 people a day receiving care, we knew it was the best place to make our gift. Our policy had served its purpose, and with the QEH Foundation’s assistance, we knew there were tax advantages in donating it as a charitable gift,” he says.
MacDonald says P.E.I. has thousands of small businesses, and many owners will be considering retirement in the next few years. There will be a massive transfer of business assets to a new generation of owners, and he thinks charitable giving