What can I expect, as a Canadian, submitting a W8?

I have had about 300,000 lifetime points, and recently wanted to claim a $50 PayPal reward. It's been quite a while since my last redemption and I never had to fill a W8 before now. I don't understand why even gift cards have to go through this nonsense.

My question is, what can I expect after submitting this? Am I really going to be taxed on $50? Do I have to make a remittance to the IRS next year?

Is perk trustworthy enough with the info contained in this form, or are they selling it to 3rd parties?

I'm honestly just thinking of just saying screw it, and just not go through the hassle.