The allegations against Quebec Superior Court Justice Michel Deziel were made earlier this year at Quebec's corruption inquiry.
Edmond Blanchard, vice-chairman of the Judicial Conduct Committee of the Canadian Judicial Council, is convening the panel after a review of the allegations.
The council said in a statement the panel will decide if other measures should be taken or the file be closed.
Gilles Cloutier, a witness at the corruption inquiry, said in May that Deziel organized the 1997 election campaign for the incumbent mayor of Blainville. Cloutier said Deziel, who was a lawyer at the time, summoned him to his office, handed over $30,000 and told him to find strawmen to pose as donors contributing $750 each.
Cloutier, who worked for Roche Engineering Inc., said he was told the money — $100 bills in a white envelope — came from rival firm Dessau Inc.
Deziel, a Blainville lawyer, was appointed to Quebec Superior Court in November 2003. His colleague, Justice France Charbonneau, is presiding over the corruption inquiry.