Yes, you can apply every other year, but if you do not apply in 2 consecutive years you will lose your points. Below is the exact regulations taken out of the book, page 10.
"2. Except as otherwise provided in subsection 3, the bonus points awarded to a person accumulate until he is successful in drawing a tag for a season for that species or category of a species or he fails to apply for a season for 2 consecutive calendar years during which that type of hunt for a season is open. If an applicant is successful in drawing a tag for a season for a species or category of a species or fails to apply for a season for 2 consecutive calendar years during which that type of hunt for a season is open, he loses all of his bonus points for that species or category of a species."