Welcome!
If someone had come along when Bandit was first diagnosed and told me exactly how easy treating Bandit's diabetes would be with a little time and experience, I wouldn't have believed them one bit. So, all I'll say is that once you get over the learning curve, things will get so much better for you!
It is true that many cats go into remission with the right treatment! Bandit's been diabetic for 7 years, but only needed insulin for less than 2 of those years. There are three key components to having a very good chance of remision: 1. the right diet, 2. the right insulin, and 3. dose adjustments via daily home testing.
For diet, you'll want to switch to a low carb, canned food. This can be any commerical food. There's a chart
here that gives the nutritional breakdown of many foods, and all you need to do is switch to something less than 10% carbs (but preferably less than 8%) that your cat likes. You'll want to completely get rid of the dry food. You can add water or freeze canned food to use in an auto feeder if you need to feed your cat when you're not home. I would start the diet change right away, before you start insulin. Some cats can go into remission just from the diet change alone, before they even need insulin.
However, most cats will need a course of insulin for a little while, at least. Lantus and Levemir have the best remission rates in cats. Prozinc/PZI is also ok to use, with rates a bit lower but still good. Vetsulin and NPH/Humulin N do not have a good duration of action in cats and should not be used. Lantus is very pricy in the U.S., but you can get a script from your vet and order from an online Canadian pharmacy with much more reasonable prices.
Home testing is absolutely necessary for good control over your cat's blood sugar. You can use a human meter or a pet meter, but the human meters have less expensive strips. You'll need to test a few times a day, so you'll want to pick a meter where can afford the strips to do daily testing. Home testing seems hard a first, but there are ton of tips here that can help you learn it. Some cats may struggle at first, but if you relax while you're doing it and give them a diabetic safe treat after each test, even the most fractious of cats will come around.
With those three things combined, newly diagnosed cats have a very high remission rate (80+% with Lantus). So there's a very good chance for your kitty! Even if he is one of the few that doesn't get there, he can still live comfortably many more years with the right treatment.