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Generous Life Insurance Policy Donated to the QEH

Being in the car industry for most of his working career, Fair Isle Ford franchise owner Peter MacDonald says it has always been a family affair.

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 make a gift to the Island community that had so generously supported them the past three decades.

“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 twenty year time-frame.”

With Peter’s volunteer role as a QEH Foundation Director and Karen’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,” says MacDonald.

MacDonald says P.E.I. has thousands of small businesses and many owners will be considering retirement in the next few years. He says there will be a massive transfer of business assets to a new generation of owners and thinks charitable giving can reduce the tax burden.

“We hope by sharing we can inspire others to consider a gift of life insurance,” says   MacDonald. “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.”

In recognition of this generous gift, Peter and Karen MacDonald will have their name added to the Major Benefactor ($100,000 – $199,999) giving level on the QEH Foundation donor wall located in the main lobby of the QEH. For more information on charitable giving to the QEH Foundation, please call 902-894-2425 or visit www.qehfoundation.pe.ca.