Flights to Lima this spring can be had for as low as $588CAD departing from Toronto for tickets purchased up until February 28, 2018. Flight times are reasonable with connections in Panama on Copa Airlines. The fare rules allow you to schedule a free layover in Panama for up to 365 days. This means, for the same fare (depending on leg price), you could spend a weekend in Panama City, or even a week or a month in Panama exploring, before heading to Lima or do that on the way back. I recommend either option. Personally, I spent 3 days in Panama connecting back to Toronto, and it was amazing to stop and visit Panama city as well as see some old friends there.
Multiple dates available in June, including Jun 1 to June 11.
To book use https://www.copaair.com
Aeromexico has some flight availability from Toronto to Lima with a layover in Mexico city, but you are looking at an extra $120. Other airlines offer less viable routes in the $800+ range, with Air Canada being the only direct flight option in the $950 range.
Note: In doing my research on the fare, I discovered that if you buy the ticket from Venezuela, you will pay an extra $1500USD. That’s just not right. I couldn’t find anything on the Internet as to the reason why. If anyone knows, please feel free to comment.