Low, 22, who made his debut for the Raiders in 2010, will start training with the Bulldogs as soon as Monday after being released by Canberra.
The Raiders junior's contract had been due to expire at the end of the year.
It's the latest in a series of last-minute signings for Canterbury, with the Bulldogs also having welcomed ex-Tiger Mitch Brown earlier in the season, while Krisnan Inu from the New Zealand Warriors and former Sydney Rooster Sam Perrett were recent additions.
Perrett, a Kiwi international, made the move on Tuesday.
Canterbury recruitment manager Noel Cleal said Low, a former Cook Island representative who scored three tries in his first two games in the NRL, will help replenish the Bulldogs' outside backs stocks after a spate of injuries.