One 18-year-old is charged with creating and distributing child pornography. The other faces two distribution charges.
The suspects cannot be named because they were minors at the time of the alleged offences.
Both are charged under the Youth Criminal Justice Act.
Parsons was taken off life support following a suicide attempt last April that her family says was prompted by relentless bullying.
They said the 17-year-old girl was bullied after a digital photograph of her allegedly being sexually assaulted in November 2011 was passed around her school.
The two suspects are due in provincial court at 1:30 p.m. AT Thursday.