Lapierre, 21, had one assist in nine games since being called up from Hamilton on Jan. 6. In an earlier call-up in December, the Montreal native had three goals and an assist in four games.
The Canadiens were expected to make a move with forward Steve Begin due to return from a back injury, which would have put the Canadiens over the 23-man roster limit.
Forward Garth Murray cleared waivers last week, but the club opted to send down Lapierre, who doesn't need to clear waivers.
The Bulldogs have a home game Friday night against the San Antonio Rampage.