Canada and Panama have started negotiating a new bilateral, the current one dates back to 1968. They aim is to increase flights between the two countries. Currently Air Transat and Westjet operate charters between Canada and Panama, Copa has planned to operate to Canada for a long time but has been restricted due to this outdated bilateral agreement.
Copa for sure will fly YYZ-PTY, the question is whether or not AC is planning seasonal service to Panama. After the US, Canadians are the larges group of tourist visiting Panama. There are many tour packages to Panama available in Canada.