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The caveat has the same formal requirements as a Will does.
So there needs to be two witnesses.
Here is the section of the Act:
37 (1) To be valid, a will must be
(a) in writing,
(b) signed at its end by the will-maker, or the signature at the end must be acknowledged by the will-maker as his or hers, in the presence of 2 or more witnesses present at the same time, and
(c) signed by 2 or more of the witnesses in the presence of the will-maker.
This applies to codicils as well.