Intelligent reflective surface (IRS) is an emergent technology for future wireless communications. It consists of a large 2D array of passive scattering elements that control the electromagnetic properties of radio-frequency waves so that the reflected signals add coherently at the intended receiver or destructively to reduce co-channel interference. The promised gains of IRS-assisted communications depend on the accuracy of the channel state information. In this paper, we propose two novel channel estimation methods for an IRS-assisted multiple-input multiple-output (MIMO) communication system. Assuming a structured time-domain pattern of pilots and IRS phase shifts, we show that the received signal follows a parallel factor (PARAFAC) tensor model that can be exploited to estimate the involved communication channels in closed form or iteratively. Numerical results corroborate the effectiveness of the proposed channel estimation methods and highlight the involved tradeoffs.