From the POH, in part...
“The following discussion is meant to guide your thinking about CAPS activation. Cirrus also recommends that pilots discuss CAPS deployment scenarios with instructors as well as fellow pilots through forums such as the Cirrus Owners and Pilots Association. In the event of a spin or loss of aircraft control, immediate CAPS activation is required. (See Section 3) In other situations, CAPS activation is at the informed discretion of the pilot in command. The following discussion is intended to be informative, not directive. It is the responsibility of you, the pilot, to determine when and how the CAPS will be used. It is important to understand, however, that numerous fatalities that have occurred in Cirrus aircraft accidents likely could have been avoided if pilots had made the timely decision to deploy CAPS. It is also important to note that CAPS has been activated by pilots at speeds in excess of 180 knots on multiple occasions with successful outcomes. While the best speed to activate CAPS is below 140 knots indicated airspeed, a timely activation is most important for loss of control situations.”