UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 40-F
 o
    
    REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF
1934
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
 For the fiscal year ended December 31, 2010           Commission File Number 333-105024
 CASCADES INC.
  Quebec, Canada
 2600
 98-0140192
 404 Marie-Victorin Blvd.
Kingsey Falls, Quebec
Canada J0A 1B0
(819) 363-5100
 Cascades USA Inc.
148 Hudson River Road
Waterford, NY 12188
(518) 238-1900
 Not Applicable.
 Not Applicable.
  3 4  7 8
  þ Annual information form
    
    þ Audited annual financial statements
    Yes o      82-
    
    No þ
  Yes þ
    
    No o
  Yes o
    
    No o




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Annual Audited Consolidated Financial Statements
  Managements Discussion and Analysis
  Disclosure Controls and Procedures
  Evaluation of Disclosure Controls and Procedures
   Managements Report on Internal Control over Financial Reporting
  Changes in Internal Controls over Financial Reporting
  Code of Ethics
  2




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www.cascades.com
 Audit Committee
  Principal Accountant Fees and Services
  Year ended
    
    
    Year endedFees
in Canadian dollars
    

December
31, 2010
    
    

December
31, 2009Audit Fees
    
    $
    2,010,910
    
    
    $
    2,111,019Audit-Related Fees
    
    $
    899,084
    
    
    $
    766,136Tax Fees
    
    $
    278,969
    
    
    $
    446,454All Other Fees
    
    
    N/A
    
    
    
    N/ATotal
    
    $
    3,188,963
    
    
    $
    3,323,609
      Audit and Non-Audit Services Pre-Approval Policy
  3




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Percentage of Services Approved by the Audit Committee
  Off-Balance Sheet Arrangements
  Tabular Disclosure of Contractual Obligations
  Forward-Looking Statements
   Website Information
  Undertaking
  4




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Consent to Service of Process
  SIGNATURES
   By:
    
    /s/      Allan HoggName:
    
    Allan HoggTitle:
    
    Vice President and Chief Financial OfficerDate:
    
    March 30, 2011
 5




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EXHIBIT INDEX
 Exhibit
    
    Description of Exhibit (and document fromNumber
    
    which incorporated by reference, if applicable)
    
    Note3.1
    
    Articles of Amalgamation of Cascades Inc. filed with the Inspector
general of financial institutions of Quebec on January 10, 2004
    
    (C)3.2
    
    By-laws of Cascades Inc., as amended
    
    (F)4.1
    
    Indenture, dated as of February 5, 2003, among Cascades Inc., the
Subsidiary Guarantors named therein and The Bank of New York, as Trustee
    
    (A)4.2
    
    First Supplemental Indenture, dated May 30, 2003, to the Indenture,
dated February 5, 2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantors named therein
and The Bank of New York, as Trustee
    
    (B)4.3
    
    Second Supplemental Indenture, dated December 30, 2003, to the
Indenture, dated February 5, 2003, among Cascades Inc., the Existing
Subsidiary Guarantors named therein, the New Subsidiary Guarantors named
therein and The Bank of New York, as Trustee
    
    (C)4.4
    
    Third Supplemental Indenture, dated March 16, 2004, to the Indenture,
dated February 5, 2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantor named therein and
The Bank of New York, as Trustee
    
    (C)4.5
    
    Fourth Supplemental Indenture, dated July 8, 2004, to the Indenture,
dated February 5, 2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantor named therein and
The Bank of New York, as Trustee
    
    (C)4.6
    
    Fifth Supplemental Indenture, dated August 26, 2004, to the Indenture,
dated February 5, 2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantors named therein
and The Bank of New York, as Trustee
    
    (C)4.7
    
    Sixth Supplemental Indenture, dated November 30, 2004, to the Indenture,
dated February 5, 2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantors named therein
and The Bank of New York Trustee
    
    (C)4.8
    
    Seventh Supplemental Indenture, dated April 27, 2006, to the Indenture,
dated February 5, 2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantor named therein and
The Bank of New York, as Trustee
    
    (D)4.9
    
    Eighth Supplemental Indenture, dated September 20, 2006, to the
Indenture, dated February 5, 2003, among Cascades Inc., the Existing
Subsidiary Guarantors named therein, the New Subsidiary Guarantor named
therein and The Bank of New York, as Trustee
    
    (D)4.10
    
    Ninth Supplemental Indenture, dated November 8, 2006, to the Indenture,
dated February 5, 2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantor named therein and
The Bank of New York, as Trustee
    
    (D)4.11
    
    Tenth Supplemental Indenture, dated December 28, 2006, to the Indenture,
dated February 5, 2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantors named therein
and The Bank of New York, as Trustee
    
    (D)4.12
    
    Eleventh Supplemental Indenture, dated August 17, 2007, to the
Indenture, dated February 5,2003, among Cascades Inc., the Existing
Subsidiary Guarantors named therein, the New Subsidiary Guarantors named
therein and The Bank of New York, as Trustee
    
    (E)4.13
    
    Twelfth Supplemental Indenture, dated October 30,2009, to the Indenture,
dated February 5,2003, among Cascades Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantors named therein
and The Bank of New York, as Trustee
    
    (G)4.14
    
    Thirteenth Supplemental Indenture, dated February 26, 2010, to the
Indenture, dated February 5,2003, among Cascades Inc., the Existing
Subsidiary Guarantors named therein, the New Subsidiary Guarantors named
therein and The Bank of New York, as Trustee
    
    (G)4.15
    
    Indenture, dated May 28, 2003, among Norampac Inc., the Subsidiary
Guarantors named therein and The Bank of Nova Scotia Trust Company of
New York, as Trustee
    
    (D)
 6




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Exhibit
    
    Description of Exhibit (and document fromNumber
    
    which incorporated by reference, if applicable)
    
    Note4.16
    
    First Supplemental Indenture, dated July 30, 2004, to the Indenture,
dated May 28, 2003, among Norampac Inc., the Existing Subsidiary
Guarantors named therein, the New Subsidiary Guarantors named therein
and The Bank of Nova Scotia Trust Company of New York, as Trustee
    
    (D)4.17
    
    Second Supplemental Indenture, dated December 28, 2006, to the
Indenture, dated May 28, 2003, among Norampac Inc., the Existing
Subsidiary Guarantors named therein, the New Subsidiary Guarantors named
therein and The Bank of Nova Scotia Trust Company of New York, as
Trustee
    
    (D)4.18
    
    Third Supplemental Indenture, dated as of December 29, 2006, to the
Indenture dated as of May 28, 2003 among Norampac Inc. as predecessor
issuer, the Subsidiary Guarantors named therein and The Bank of Nova
Scotia Trust Company of New York, as Trustee, among Cascades Inc., the
Subsidiary Guarantors named therein and The Bank of New York, as Trustee
    
    (D)4.19
    
    Fourth Supplemental Indenture, dated as of August 30, 2007, to the
Indenture dated as of May 28, 2003 among Norampac Inc. as predecessor
issuer, the Subsidiary Guarantors named therein and The Bank of Nova
Scotia Trust Company of New York, as Trustee, among Cascades Inc., the
Subsidiary Guarantors named therein and The Bank of New York, as Trustee
    
    (E)4.20
    
    Fifth Supplemental Indenture, dated as of October 30, 2009, to the
Indenture dated as of May 28, 2003 among Norampac Inc. as predecessor
issuer, the Subsidiary Guarantors named therein and The Bank of Nova
Scotia Trust Company of New York, as Trustee, among Cascades Inc., the
Subsidiary Guarantors named therein and The Bank of New York, as Trustee
    
    (G)4.21
    
    Sixth Supplemental Indenture, dated as of February 26, 2010, to the
Indenture dated as of May 28, 2003 among Norampac Inc. as predecessor
issuer, the Subsidiary Guarantors named therein and The Bank of Nova
Scotia Trust Company of New York, as Trustee, among Cascades Inc., the
Subsidiary Guarantors named therein and The Bank of New York, as Trustee
    
    (G)4.22
    
    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
    
    (G)4.23
    
    Indenture dated as of December 3, 2009, among Cascades Inc., the
Subsidiary Guarantors named therein and Computershare Trust Company of Canada, as Trustee
    
    (G)4.24
    
    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
    
    (G)10.1
    
    Credit Agreement, dated as of December 29, 2006, among Cascades Inc.,
Cascades USA Inc., Cascades Europe SAS, Cascades Arnsberg GmbH, The Bank
of Nova Scotia, as administrative and collateral agent, National Bank of
Canada, as co-administrative agent, Canadian Imperial Bank of Commerce,
and a syndicate of lenders named therein, as lenders
    
    (D)10.2
    
    First Amendment dated as of June 27, 2007, to the Credit Agreement dated
as of December 29, 2006, among Cascades Inc., Cascades USA Inc.,
Cascades Europe SAS, Cascades Arnsberg GmbH, The Bank of Nova Scotia, as
administrative and collateral agent, National Bank of Canada, as
co-administrative agent, Canadian Imperial Bank of Commerce, and a
syndicate of lenders named therein, as lenders
    
    (E)10.3
    
    Second Amendment dated as of March 27, 2008, to the Credit Agreement
dated as of December 29, 2006, among Cascades Inc., Cascades USA Inc.,
Cascades Europe SAS, Cascades Arnsberg GmbH, The Bank of Nova Scotia, as
administrative and collateral agent, National Bank of Canada, as
co-administrative agent, Canadian Imperial Bank of Commerce, and a
syndicate of lenders named therein, as lenders
    
    (F)10.4
    
    Third Amendment dated as of May 22, 2008, to the Credit Agreement dated
as of December 29, 2006, among Cascades Inc., Cascades USA Inc.,
Cascades Europe SAS, The Bank of Nova Scotia, as administrative and
collateral agent, National Bank of Canada, as co-administrative agent,
Canadian Imperial Bank of Commerce, and a syndicate of lenders named
therein, as lenders
    
    (F)
 7




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Exhibit
    
    Description of Exhibit (and document fromNumber
    
    which incorporated by reference, if applicable)
    
    Note10.5
    
    Fourth Amendment dated as of February 13, 2009, to the Credit Agreement
dated as of December 29, 2006, among Cascades Inc., Cascades USA Inc.,
Cascades Europe SAS, The Bank of Nova Scotia, as administrative and
collateral agent, National Bank of Canada, as co-administrative agent,
Canadian Imperial Bank of Commerce, and a syndicate of lenders named
therein, as lenders
    
    (F)10.6
    
    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, Canadian Imperial Bank of
Commerce, and a syndicate of lenders named therein, as lenders
    
    (H)13.1
    
    Annual Information Form for the year ended December 31, 2010
    
    (H)13.2
    
    Audited Consolidated Financial Statements for the year ended December
31, 2010 together with Managements Report and the Auditors Report
    
    (H)13.3
    
    Managements Discussion and Analysis for the year ended December 31, 2010
    
    (H)23.1
    
    Independent Auditors Consent
    
    (H)31.1
    
    CEO Section 302 Certification
    
    (H)31.2
    
    CFO Section 302 Certification
    
    (H)32.1
    
    CEO and CFO Section 906 Certification
    
    (H)
 
 (A)
    
    Previously filed as an exhibit to Cascades Inc.s Registration Statement on Forms F-4 and S-4
(Reg. No. 333-105024), filed on May 6, 2003 and incorporated herein by reference.(B)
    
    Previously filed as an exhibit to Amendment No. 1 to Cascades Inc.s Registration Statement
on Forms F-4 and S-4 (Reg. No. 333-105024), filed on July 18, 2003 and incorporated herein by
reference.(C)
    
    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.(D)
    
    Previously filed as an exhibit to Cascades Inc.s Annual Report on Form 40-F, filed on March
26, 2007 and incorporated herein by reference.(E)
    
    Previously filed as an exhibit to Cascades Inc.s Annual Report on Form 40-F, filed on March
27, 2008 and incorporated herein by reference.(F)
    
    Previously filed as an exhibit to Cascades Inc.s Annual Report on Form 40-F, filed on March
30, 2009 and incorporated herein by reference.(G)
    
    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.(H)
    
    Filed herewith. 8