Welcome!
You are abouit to engage in a very satisfying hobby.
Lots of help and advice onn here, (some of it conflicting, according to which hobby horse is being ridden )
May I suggest some reading matter?
Assumes that such things will be obtainable in Canada
Zeus charts – Invaluable as a quick reference.
Ian Bradley "The Amateur's Workshop". Contains info that the usual "textbook" does not contain.
L H Sparey "The Amateur's Lathe" very much illustraed with Myford ML7, but good on general principles.
Both these above date from the 60s and 70s, but good none the less.
Harold Hall, and Neil Wyatt have both written books, more recently, dealing with more recent machines.
Tubal Cain "The Model Engineer's Handbook" is a very useful reference book, and useful to have, in my view.
Most of the current 12 x 24 lathes are gear head. The Chester Craftsman is belt driven. (my lathe is like the Crafts man a Taiwanese machine, similar to it, as is the Warco BH600.
If it needs to be said, you will need to budget for tooling, most probably a Bench Grinder, for a start. This will allow you to learn to grind High Speed Steel tools. They are more forgiving than Carbide, of knocks.
(My HSS parting tool was secondhand when it was given to me, and some 30 years on is still not yet worn out 
You will need some measuring instruments, a set of Feeler Gauges and a Digital Calliper for starters.
The digital calliper can measure 0-6" or 0-150 mm at the touch of a button. Prices (and probably quality ) vary from supermarket instruments, upto near industrial quality, with a price differential in UK of about 7:1.
(I use a supermarket one for most work, with a mid range for a second opinion, when it is needed Keep spare batteries! )
Before launching into an expensive kit for a model, my advice would be to learn, and make mistakes, making small tools / accessories for the lathe, such as (On my hobby horse! ) a Centre Height Gauge,, and a Mandrel Handle, even a sliding Tailstock Die Holder set. You will need to buy a stub arbor to make this, probably a 3 MT…
All useful learning process and money saving into the bargain..
Taps and Dies, and Tap Wrench and Die Holder, you can buy as and when you need them
Buying complete sets will make you ready for almost anything, but a capital investment cost. (Don't ask! how I know! )
In this day and age, probably Meric and Model Engineer nwill be nthe most useful, unless you get into vehicle restoration, in which case Unified m may be useful. I do find 1/2 UNF (1/2 x 20 ) useful for forcing screws.
BSF nand Whitworth only if the vehicles mare British and OLD.
If your lathe is like mine, making a Rear Toolpost will be a useful addition. It makes parting off easier, for a lot of the time, and if you stick with the four way front Toolpost, it leaves room for an extra tool in it.
My front post carries, Rougher, Finisher, and a boring tool, with then rear post, being a shop made four way, carries front and back chamfer tools as well the parting tool.
With a 4 jaw independent chuck, you will find a need for DTIs and a Magnetic Base. You may find that a Plunger clock will read twice as coarsely (0.001" ) as a Finger Clock, (0.0005" ) but both have their uses. This assumes that Canada is like US tending still be Imperial, although your new machine may well be Metric., so your clock is likely to resolve in 0.01 mm increments.
Eventually, you will want to mill, but that is another field to, learn!
I've rambled on for far too long, but hope that this may be some help.
Howard