Apparently we can register as a liberal to vote in the upcoming leadership race. What does it mean if I register? What do I gain (besides the aforementioned voting) and does it place any kind of restrictions on me (e.g. am I prevented from doing the same with a different party)?
There’s no official public record of political party membership in Canada. No restrictions are placed upon you, but if you plan to run against one of their opponents, expect it to come up.
Note that donations are tracked and published by Elections Canada.
They have rules (PDF) posted on their site. You’re not allowed to be a registered member for another party. You also have to follow the rules of their constitution (PDF) which says you can be kicked out for not supporting the party.
In addition to what others have said, if you’d like to vote, register and vote. If you don’t want to be a member in general, cancel your membership after the leadership election is over.
It means you’ll definitely want to unsubscribe from the 10 emails and text messages the Liberal party will send you daily.