UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 40-F







| ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------



|x | ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------



|                                            |  |                                  
|------------------------------------------- |  | ---------------------------------
|For the fiscal year ended December 31, 2013 |  | Commission File Number 333-105024





CASCADES INC.

(Exact
name of Registrant as specified in its charter)





Quebec,
Canada

(Province or other jurisdiction of incorporation or organization)

2600

(Primary Standard
Industrial Classification Code Number)

98-0140192

(I.R.S. Employer Identification Number)

404 Marie-Victorin Blvd.

Kingsey Falls, Quebec

Canada J0A 1B0

(819)
363-5100

(Address and telephone number of Registrants principal executive offices)

Cascades USA Inc.

1200
Forest Street

Eau Claire, WI 54703

(715) 834-3461

(Name,
address (including zip code) and telephone number (including area code)

of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

None.

Securities
registered or to be registered pursuant to Section 12(g) of the Act:

None.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act

None.

For annual
reports, indicate by check mark the information filed with this Form:



| |  |                          |  |                                      |  | 
| |  | ------------------------ |  | ------------------------------------ |  | 
| |  | xAnnual information form |  | xAudited annual financial statements |  | 





Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual
report:

93, 887, 849 shares of common stock outstanding as of December 31, 2013

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.*

Yes   ̈            No 
 x

Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was
required to submit and post such files).

Yes   ̈            No 
  ̈



|* | The registrant is currently not required to file reports, including this report, under Section 13 or 15(d) of the Securities Exchange Act of 1934 but is voluntarily filing this report with the Securities and
Exchange Commission.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------









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Annual Audited Consolidated Financial Statements

For the Annual Audited Consolidated Financial Statements, including the Independent Auditors Report with respect thereto, of Cascades Inc. (the
Registrant or Cascades or the Corporation), see the excerpt of Cascades 2013 Annual Report attached hereto as Exhibit 13.2.

Managements Discussion and Analysis

For
managements discussion and analysis, see the excerpt of Cascades 2013 Annual Report attached hereto as Exhibit 13.3.

Disclosure Controls
and Procedures

Disclosure controls and procedures means controls and other procedures that are designed to ensure that information required to be
disclosed by the Registrant in the reports that the Registrant files or submits under the Securities Exchange Act of 1934, as amended (the Exchange Act) is recorded, processed, summarized and reported within the time periods specified
under Canadian securities laws and specified in the United States Securities and Exchange Commissions (the SEC) rules and forms and that such information required to be disclosed by us in the reports that we file or submit under
the Exchange Act is accumulated and communicated to management, including the President and Chief Executive Officer and the Vice-President and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

The
Registrant conducted an evaluation (under the supervision and with the participation of the Registrants management, including the Chief Executive Officer and Chief Financial Officer) as of December 31, 2013, pursuant to Rule 13a-15
promulgated under the Exchange Act and under National Instrument 52-109 adopted by the Canadian Securities regulatory authorities, of the effectiveness of the design and operation of the Registrants disclosure controls and procedures. Based on
this evaluation, the Registrants Chief Executive Officer and Chief Financial Officer concluded that such disclosure controls and procedures were effective as of December 31, 2013.

It should be noted that while the Registrants Chief Executive Officer and Chief Financial Officer believe that the Registrants disclosure controls
and procedures provide a reasonable level of assurance that they are effective, they do not expect that the Registrants disclosure controls and procedures will prevent all errors and fraud. A control system, no matter how well conceived or
operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

Managements Report on Internal
Control over Financial Reporting

Managements Report to the shareholders of Cascades Inc. on internal control over financial reporting for the
fiscal year ended December 31, 2013 is filed as Exhibit 13.2 to this Annual Report on Form 40-F.

Management conducted an assessment of the
effectiveness of the Corporations internal control over financial reporting, as at December 31, 2013 based on the framework and criteria established in Internal Control-Integrated Framework, issued by the 1992 Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Based on this evaluation, management has concluded that the Corporations internal control over financial reporting was effective as at December 31, 2013.

It should be noted that while the Registrants Chief Executive Officer and Chief Financial Officer believe that the Registrants disclosure controls
and procedures provide a reasonable level of assurance that they are effective, they do not expect that the Registrants internal control over financial reporting will prevent all errors and fraud. A control system, no matter how well conceived
or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.



1



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Changes in Internal Controls over Financial Reporting

There was no change in the Registrants internal controls over financial reporting that occurred during the period covered by this report that has
materially affected, or is reasonably likely to materially affect its internal controls over financial reporting.

Code of Ethics

The Corporation has adopted a Code of Ethics that applies to all directors, officers and employees, including the Corporations principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. For a discussion of the Corporations Code of Ethics, see page 15 of Cascades Annual Information Form for the year
ended December 31, 2013 (AIF) attached hereto as Exhibit 13.1. There were neither amendments to nor waivers, including implicit waivers, from any provision of the Code of Ethics during the fiscal year ended December 31, 2013
that applied to the Corporations principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Code of Ethics is available on the Corporations website
at www.cascades.com.

Audit Committee

The
Registrant has a separately designated standing audit committee (the Audit and Finance Committee) as defined in Section 3(a)(58)(A) of the Exchange Act. The Audit and Finance Committee is composed entirely of directors who are
independent, as such term is defined in the listing standards of the New York Stock Exchange. All members of the Audit and Finance Committee are financially literate and there are two audit committee financial experts. In
considering criteria for the determination of financial literacy, the Board of Directors considers the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are
generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Registrants financial statements. In determining whether Audit and Finance Committee members are audit committee
financial experts, the Board of Directors and the Audit and Finance Committee have considered the attributes set forth in Form 40-F. The audit committee financial experts are James B.C. Doak and Laurence G. Sellyn. The other member
of the Audit and Finance Committee is Georges Kobrynsky.

Principal Accountant Fees and Services

The aggregate fees for professional services rendered by our Independent Auditor, PricewaterhouseCoopers LLP, for the Corporation for the 2013 and 2012 fiscal
years are shown in the table below:



|                         |  |                             |           |  |                             |   |           | 
|------------------------ |  | --------------------------- | --------- |  | --------------------------- | - | --------- | 
|Fees in Canadian dollars |  | Year endedDecember 31, 2013 |           |  | Year endedDecember 31, 2012 |  
|Audit Fees               |  | $                           | 1,830,467 |  |                             | $ | 2,226,236 | 
|Audit-Related Fees       |  | $                           | 355,413   |  |                             | $ | 517,928   | 
|Tax Fees                 |  | $                           | 188,299   |  |                             | $ | 186,103   | 
|All Other Fees           |  |                             | N/A       |  |                             |   | N/A       | 
|                         |  |                             |           |  |                             |   |           | 
|Total                    |  | $                           | 2,347,179 |  |                             | $ | 2,930,267 | 

The nature of each category of fees is described below:

Audit Fees: Includes services provided by the independent Auditor in connection with statutory and regulatory filings and audit of the annual financial
statements of the Corporation.

Audit Related Fees: Includes services provided by the independent Auditor in connection with consultations on accounting
and regulatory matters.

Tax Fees: Includes services rendered by the independent Auditor regarding compliance with income tax laws.

All Other Fees: None.



2



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Audit and Non-Audit Services Pre-Approval Policy

The Corporations Audit and Finance Committee has adopted a Pre-approval Policy and Procedures, as amended, for services provided by the
Corporations independent Auditor, PricewaterhouseCoopers LLP which sets forth the procedures and the conditions pursuant to which permissible services proposed to be performed by the Independent Auditor are pre-approved. Under the terms of the
policy, services that involve annual fees of less than $25,000 up to an annual limit of $50,000 are pre-approved. The Audit and Finance Committee has delegated to the Chairman of the Audit and Finance Committee pre-approval authority for any
services not previously approved by the Audit and Finance Committee that involve the payment of unbudgeted fees up to a maximum of $100,000 per mandate. Services that involve fees of more than $100,000 require pre-approval of all the members of the
Audit and Finance Committee. All of the non-audited services set forth above were approved in this pre-approval policy.

Services Approved by the Audit
and Finance Committee

For the year ended December 31, 2013, the services described above requiring pre-approval were approved by the Audit and
Finance Committee pursuant to paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X.

Off-Balance Sheet Arrangements

There are no off-balance sheet arrangements as of December 31, 2013.

Tabular Disclosure of Contractual Obligations

For a
tabular disclosure and discussion of contractual obligations, see the section entitled Contractual Obligations and other commitments on page 48 of Cascades Managements Discussion and Analysis attached hereto as Exhibit 13.3.

Forward-Looking Statements

Certain statements in
this Annual Report on Form 40-F or in documents incorporated by reference herein including statements regarding future results and performance, are forward-looking statements (as such term is defined, under the United States Private Securities
Litigation Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not
limited to, the effect of general economic conditions, decreases in demand for Cascades products, the prices and availability of raw materials and energy costs, Cascades exposure to significant competition, including competition with
firms that may enjoy cost advantages or economies of scale, political, social and exchange rate risks due to its international operations, compliance costs associated with environmental laws and regulations, including unforeseen expenditures as a
result of environmental liabilities, casualty of other losses that are not fully covered by insurance, labor disputes, work stoppages or increased labor costs, difficulty recouping its investments in joint ventures of other companies that Cascades
does not control, difficulties associated with acquiring companies, or integrating acquired companies, as part of Cascades growth strategy, the impairment of Cascades goodwill or other intangible assets, changes in the control of
Cascades equity capital, changes in strategy or management brought about by its existing shareholders or similar changes relating to its control and management, Cascades inability to retain key personnel or attract and retain other
talented employees, and fluctuations in currency exchange rates. Reference is made to the section entitled Risk Factors on page 15 of the AIF and to the section entitled Risk Factors on page 37 in Cascades
Managements Discussion and Analysis (which is incorporated by reference in the AIF) and attached hereto as Exhibit 13.1 and 13.3 respectively.

Consequently, all of the forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual
results on developments anticipated by the Corporation will be realized. The Corporation undertakes no obligation to update or revise any forward-looking statements.



3



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Website Information

Notwithstanding any reference to the Registrants website on the internet in the AIF or in the documents attached as Exhibits hereto, the information
contained in the Registrants website or any other website on the internet referred to in the Registrants website is not a part of this Form 40-F and, therefore, is not filed with the SEC.

Undertaking

The Registrant undertakes to make available,
in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the
securities in relation to which the obligation to file an Annual Report on Form 40-F arises; or transactions in said securities.

Consent to Service of
ProcessAny change to the name or address of the Registrant and/or to the name or address of the Registrants agent for service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the
Registrant.



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SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused
this annual report to be signed on its behalf by the undersigned, thereto duly authorized.



|              |  |                                           
|------------- |  | ------------------------------------------
|CASCADES INC.
|              | 
|By :          |  | /s/ Allan Hogg                            
|Name :        |  | Allan Hogg                                
|Title :       |  | Vice President and Chief Financial Officer
|Date :        |  | March 28, 2014                            



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EXHIBIT INDEX



|              |  |                                                                                                                                                                                                                                                   |  |     
|------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----
|ExhibitNumber |  | Description of Exhibit (and document from which incorporated by reference, if
applicable)                                                                                                                                                         |  | Note
|              |  |                                                                                                                                                                                                                                                  
|3.1           |  | Articles of Amalgamation of Cascades Inc. filed with the Inspector General of Financial Institutions of Quebec on January 10, 2004                                                                                                                |  | (A) 
|              |  |                                                                                                                                                                                                                                                  
|3.2           |  | Articles of Amendment of Cascades Inc. filed with the Registrar of Companies of Quebec on July 27, 2011                                                                                                                                           |  | (D) 
|              |  |                                                                                                                                                                                                                                                  
|3.3           |  | By-law No. 2011-1 of Cascades Inc., adopted by the Board of Directors of Cascades Inc. on March 14, 2011 and ratified by the Shareholders on May 12, 2011                                                                                         |  | (D) 
|              |  |                                                                                                                                                                                                                                                  
|4.1           |  | Indenture, dated as of December 3, 2009, among Cascades Inc., the Subsidiary Guarantors named therein and The Bank of Nova Scotia Trust Company of New York, as Trustee                                                                           |  | (B) 
|              |  |                                                                                                                                                                                                                                                  
|4.2           |  | First Supplemental Indenture, dated as of September 2, 2011, to the Indenture dated as of December 3, 2009, among Cascades Inc., , the New Subsidiary Guarantors named therein, and The Bank of Nova Scotia Trust Company of New York,
as Trustee |  | (D) 
|              |  |                                                                                                                                                                                                                                                  
|4.3           |  | Second Supplemental Indenture, dated as of November 18, 2011, to the Indenture dated as of December 3, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein, and The Bank of Nova Scotia Trust Company of New York, as
Trustee  |  | (D) 
|              |  |                                                                                                                                                                                                                                                  
|4.4           |  | Third Supplemental Indenture, dated as of April 13, 2012, to the Indenture dated as of December 3, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein, and The Bank of Nova Scotia Trust Company of New York, as
Trustee      |  | (F) 
|              |  |                                                                                                                                                                                                                                                  
|4.5           |  | Fourth Supplemental Indenture, dated as of March 8, 2013, to the Indenture dated as of December 3, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein, and The Bank of Nova Scotia Trust Company of New York, as
Trustee      |  | (F) 
|              |  |                                                                                                                                                                                                                                                  
|4.6           |  | Indenture, dated as of December 3, 2009, among Cascades Inc., the Subsidiary Guarantors named therein and Computershare Trust Company of Canada, as Trustee                                                                                       |  | (B) 
|              |  |                                                                                                                                                                                                                                                  
|4.7           |  | First Supplemental Indenture, dated as of September 2, 2011, to the Indenture dated as of December 3, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and Computershare Trust Company of Canada, as Trustee                |  | (D) 
|              |  |                                                                                                                                                                                                                                                  
|4.8           |  | Second Supplemental Indenture, dated as of November 18, 2011, to the Indenture dated as of December 3, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and Computershare Trust Company of Canada, as Trustee               |  | (D) 
|              |  |                                                                                                                                                                                                                                                  
|4.9           |  | Third Supplemental Indenture, dated as of April 13, 2012, to the Indenture dated as of December 3, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and Computershare Trust Company of Canada, as Trustee                   |  | (F) 
|              |  |                                                                                                                                                                                                                                                  
|4.10          |  | Fourth Supplemental Indenture, dated as of March 8, 2013, to the Indenture dated as of December 3, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and Computershare Trust Company of Canada, as Trustee                   |  | (F) 
|              |  |                                                                                                                                                                                                                                                  
|4.11          |  | Indenture, dated as of December 23, 2009, among Cascades Inc., the Subsidiary Guarantors named therein and The Bank of Nova Scotia Trust Company of New York, as Trustee                                                                          |  | (B) 
|              |  |                                                                                                                                                                                                                                                  
|4.12          |  | First Supplement Indenture, dated as of September 2, 2011, to the Indenture dated as of December 23, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and The Bank of Nova Scotia Trust Company of New York, as
Trustee     |  | (D) 
|              |  |                                                                                                                                                                                                                                                  
|4.13          |  | Second Supplement Indenture, dated as of November 18, 2011, to the Indenture dated as of December 23, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and The Bank of Nova Scotia Trust Company of New York, as
Trustee    |  | (D) 
|              |  |                                                                                                                                                                                                                                                  
|4.14          |  | Third Supplement Indenture, dated as of April 13, 2012, to the Indenture dated as of December 23, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and The Bank of Nova Scotia Trust Company of New York, as
Trustee        |  | (F) 



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|     |  |                                                                                                                                                                                                                                                                                                                                     |  |    
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---
|     |  |                                                                                                                                                                                                                                                                                                                                    
|4.15 |  | Fourth Supplement Indenture, dated as of March 8, 2013, to the Indenture dated as of December 23, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and The Bank of Nova Scotia Trust Company of New
York, as Trustee                                                                                          |  | (F)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|10.1 |  | Amended and Restated Credit Agreement, dated February 10, 2011, among Cascades Inc., Cascades USA Inc. and Cascades Europe SAS, National Bank of Canada, as administrative agent, The Bank of Nova Scotia, as collateral agent and
syndication agent, and a syndicate of lenders named therein, as lenders                          |  | (C)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|10.2 |  | Fourth Amendment dated August 30, 2012, to the Credit Agreement dated February 10, 2011, among Cascades Inc., Cascades USA Inc. and Cascades Europe SAS, National Bank of Canada, as administrative agent, The Bank of Nova Scotia, as
collateral agent and syndication agent, and a syndicate of lenders named therein, as lenders |  | (E)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|10.3 |  | Fifth Amendment dated March 1, 2013, to the Credit Agreement dated February 10, 2011, among Cascades Inc., Cascades USA Inc. and Cascades Europe SAS, National Bank of Canada, as administrative agent, The Bank of Nova Scotia, as
collateral agent and syndication agent, and a syndicate of lenders named therein, as lenders    |  | (F)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|11.1 |  | Amended and Restated Credit Agreement, by and among Greenpac Holding LLC, as Borrower, Caisse de dépôt et placement du Québec and Cascades USA Inc., as Lenders, and Caisse de dépôt et
placement du Québec, as Agent to the Lenders, dated as of May 14, 2012                                                                      |  | (F)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|13.1 |  | Annual Information Form for the year ended December 31, 2013                                                                                                                                                                                                                                                                        |  | (G)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|13.2 |  | Audited Consolidated Financial Statements for the year ended December 31, 2013 together with Managements Report and the Independent Auditors Report                                                                                                                                                                               |  | (G)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|13.3 |  | Managements Discussion and Analysis for the year ended December 31, 2013                                                                                                                                                                                                                                                           |  | (G)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|23.1 |  | Consent of Independent Auditor                                                                                                                                                                                                                                                                                                      |  | (G)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|31.1 |  | CEO Section 302 Certification                                                                                                                                                                                                                                                                                                       |  | (G)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|31.2 |  | CFO Section 302 Certification                                                                                                                                                                                                                                                                                                       |  | (G)
|     |  |                                                                                                                                                                                                                                                                                                                                    
|32.1 |  | CEO and CFO Certification pursuant to Rule 13(a)-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).                                                                                                                                                                     |  | (G)



|(A) | Previously filed as an exhibit to Cascades Inc.s Annual Report on Form 40-F, filed on March 24, 2005 and incorporated herein by reference.
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|(B) | Previously filed as an exhibit to Cascades Inc.s Annual Report on Form 40-F, filed on March 30, 2010 and incorporated herein by reference.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(C) | Previously filed as an exhibit to Cascades Inc.s Annual Report on Form 40-F, filed on March 30, 2011 and incorporated herein by reference.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(D) | Previously filed as an exhibit to Cascades Inc.s Annual Report on Form 40-F, filed on March 29, 2012 and incorporated herein by reference.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(E) | Previously filed as an exhibit to Cascades Inc.s report on Form 6-K, filed on September 18, 2012 and incorporated herein by reference.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------

|(F) | Previously filed as an exhibit to Cascades Inc.s Annual Report on Form 40-F, filed on March 27, 2013 and incorporated herein by reference.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

|(G) | Filed herewith.
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