Purpose of the funds is gift/financial support from parents. Is there any tax implications?
No, there isn't. Gift/financial support is not considered taxable income in Canada.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/nttxd-eng.html
Thank you!
The link doesn't work anymore, can you please repost the right one. I can't find anything similar on CRA