In GTA San Andreas a parachute would apear on your back the moment you boarded a plane. Now everytime I bail out of a plane I just fall to death. How does one aquire a parachute in GTA V?
Parachutes can be purchased at Ammunation where it is at the top-left corner on the weapon wall.
A parachute can be equipped in the air (if you're free falling, not just a jump) by going to the gun wheel and looking at the top-left. After you select it press the Xbox
A button or the PlayStation
X button to activate the chute. Pressing the Xbox
Y button or the PlayStation
△ button disconnects you from the chute, allowing you to fall freely again (to your death).