That is absolutely correct. These rules, these new changes coming to 84.1 and 246.1, what they're effectively doing is making it so you pay double tax when you're transitioning a family business. The parent will have to pay tax first on the disposition and the kid will have to pay tax again, and not only that, the capital gain exemption is not on the table.
I also want to be clear that this is not just about corporations. Every single private business in Canada, whether it's a corporation or partnership, is going to be impacted by these rules one way or the other. There are the income splitting rules, there are the passive investment rules, and there is the inability to do a transaction with your family member. All of these put together impact every private business.