Rental or owner-occupied

[Mohamed Mahmoud]

My wife and I are going for our first property ever, we're currently living in a rental and probably won't move out soon because the rent is relatively cheap, so we want to rent out our first property when we buy it.

However, I'm afraid if we purchase it as a rental, we'll be losing out on the Home Buyer Plan, the capital gains exemption, Land transfer tax exemption, and who knows what else.

What are the pros and cons of declaring it as a rental or owner-occupied?

Mind you, I live in Ontario Canada, so the rules are probably a bit different than the US.