Certified parachute systems are required to be inspected on a regular basis, depending on the type of material from which they're fashioned. Synthetic materials have a 120 day repack cycle, for emergency parachutes. This includes single parachute emergency systems and reserve parachutes.
The I&R or Inspect and Repack, is done by an FAA certificated rigger who holds a type rating for the type of parachute pack to be used. Full manufacturers maintenance publications and proceedures, including inspection and repair proceedures, as well as airworthiness directives and service bulletins apply.
A main parachute must also have been inspected and repacked within the previous 90 days, although a sport jumper may do this, rather than a rigger.
Any natural fiber canopy or harness systems have a 60 day Inspect and Repack cycle.
Outside of that, unless a manufacturer has decreed a life cycle for a component, system, canopy, container, or harness...so long as the canopy can pass the inspection criteria set forth, it's still good.
Some components such as the Cypress that's popular today do have life limits both for the battery, and the unit itself...at which time the entire unit, or the battery as appropriate to the interval, needs to be replaced in entirety.