You do this by shooting a package with a slingshoot shooter. You then trigger the parachute at the exact moment and then trigger the package near the wolves. There are plenty of different packages in the game, for example: fireworks, grenades, multiple flamethrowers, pillows and others.
Wolves and Parachutes is fun and relaxing. You can always repair a bad shoot with a different timing of the parachute. If you still did a bad shoot you can just leave the packages and it will be a dud and no harm done.