I don't have any kids that young anymore but I think that the age limit of 14 is way too high. In our nieghborhood we have 12, 13, & 14 year old kids that are 5'10" and over 140lbs, thats adult size. I believe in safety for all with attention paid to kids. We don't want our kids hurt, but a little common sense goes a long way in safety. If you place a kid on your bike in front of you for a ride on the tank or on the rear seat when they can't reach the pegs "You simply have no sense at all".
If a kid is tall enough to reach the rear footpegs comfortably and wear the proper protective gear then take them for a ride but use common sense on where you ride. In Ontario the 400 series hwy's are not the best place for kids on any bike, half the time they are no place for bikes at all with the way the cages drive on them.
This new legislation will change in wording with changes to age & likely a lot of other changes.