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, 2014 | 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:                                                                                                                                                                                                                                                                                                      
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                      
|x                                                                                                                                                                                                                                                                                                                                                                                     
|                                                                                                                                                                                                                                                                                                                                                                                      
|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:                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                      
|94,186,474 shares of common stock outstanding as of
    December 31, 2014.                                                                                                                                                                                                                                                                                                            
|                                                                                                                                                                                                                                                                                                                                                                                      
|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                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                      
|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                                                                                                                                                                                                                                                                                                                                                                                   



* 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.




















Annual Audited Consolidated Financial Statements



For the Annual Audited Consolidated Financial
Statements for the year ended December 31, 2014, including the Independent Auditor’s Report with respect thereto, of Cascades
Inc. (the “Registrant” or “Cascades” or the “Corporation”), see the excerpt of Cascades’
2014 Annual Report attached hereto as Exhibit 13.2.



Management’s Discussion and Analysis



For management’s discussion and analysis
for the years ended December 31, 2014 and 2013, see the excerpt of Cascades’ 2014 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, 2014, 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, 2014.



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 year ended December 31, 2014 is included in 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, 2014 based on the framework and criteria
established in Internal Control-Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission
(2013 COSO Framework). Based on this evaluation, management has concluded that the Corporation’s internal control over financial
reporting was effective as at December 31, 2014.



It
should be noted that while the Registrant’s Chief Executive Officer and Chief Financial Officer believe that the Registrant’s
internal control over financial reporting 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







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 12 of Cascades’ Annual Information Form for the year ended December 31, 2014
(“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 year ended December 31, 2014 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 2014 and 2013 fiscal years are shown
in the table below:



|Fees in Canadian dollars |  | Year ended
    December 31, 2014 |           |  | Year ended
    December 31, 2013 |  
|------------------------ |  | -------------------------------- | --------- |  | -------------------------------- | -
|Audit Fees               |  | $                                | 1,665,094 |  |                                  | $
|Audit-Related Fees       |  | $                                | 557,936   |  |                                  | $
|Tax Fees                 |  | $                                | 191,241   |  |                                  | $
|All Other Fees           |  |                                  | N/A       |  |                                  |  
|Total                    |  | $                                | 2,414,271 |  |                                  | $



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







Audit and Non-Audit Services Pre-Approval
Policy



The Corporation’s Audit and Finance Committee
has adopted a Pre-approval Policy and Procedures, 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-audit services set forth above were approved under this pre-approval
policy.



Services Approved by the Audit and Finance
Committee



For the year ended December 31, 2014, 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 were no off-balance sheet arrangements
as of December 31, 2014.



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 58 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 12 of the AIF and to the section entitled “Risk Factors” on page 61 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







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 Process



Any 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.



4







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 27, 2015                             | 





5







Exhibit
Index



|ExhibitNumber |  | Description
    of Exhibit (and document fromwhich 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 23, 2009, among Cascades Inc., the Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as successor Trustee                                                                                                                                                               |  | (B) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.2           |  | First Supplemental 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 Wells Fargo Bank, National Association, as successor Trustee                                                                                        |  | (D) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.3           |  | Second Supplemental 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 Wells Fargo Bank, National Association, as successor Trustee                                                                                       |  | (D) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.4           |  | Third Supplemental 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 Wells Fargo Bank, National Association, as successor Trustee                                                                                           |  | (F) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.5           |  | Fourth Supplemental Indenture, dated as of March 8, 2013, to the Indenture dated as of December 23, 2009, among Cascades Inc., the New Subsidiary Guarantor named therein and Wells Fargo Bank, National Association, as successor Trustee                                                                                            |  | (F) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.6           |  | Fifth Supplemental Indenture, dated as of March 16, 2015, to the Indenture dated as of December 23, 2009, among Cascades Inc., the New Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as successor Trustee                                                                                           |  | (G) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.7           |  | Indenture, dated as of June 19, 2014, among Cascades Inc., the Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as Trustee                                                                                                                                                                             |  | (G) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.8           |  | First Supplemental Indenture, dated as of March 16, 2015, to the Indenture dated as of June 19, 2014, among Cascades Inc., the New Subsidiary Guarantors named therein and Wells Fargo Bank, National Association, as Trustee                                                                                                         |  | (G) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.9           |  | Indenture, dated as of June 19, 2014, among Cascades Inc., the Subsidiary Guarantors named therein and Computershare Trust Company of Canada, as Trustee                                                                                                                                                                              |  | (G) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|4.10          |  | First Supplemental Indenture, dated as of March 16, 2015, to the Indenture dated as of June 19, 2014, among Cascades Inc., the New Subsidiary Guarantors named therein and Computershare Trust Company of Canada, as Trustee                                                                                                          |  | (G) 
|              |  |                                                                                                                                                                                                                                                                                                                                       |  |     
|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,
    dated as of May 14, 2012, among Greenpac                                                                                                                                                                                                                                                   |  | (F) 





6







|     |  | Holding LLC, as borrower, Caisse de dépôt et placement du Québecand Cascades USA Inc., as lenders, and Caisse de dépôt et placement du Québec, as agent to the
lenders |  |    
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---
|     |  |                                                                                                                                                                        |  |    
|13.1 |  | Annual Information Form for the year ended December 31, 2014                                                                                                           |  | (G)
|     |  |                                                                                                                                                                        |  |    
|13.2 |  | Audited Consolidated Financial Statements for the year ended December 31, 2014 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, 2014                                                                                              |  | (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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (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.
| | --- | ---------------



7