Toronto to Panama (Central America) - $359 roundtrip after taxes - up to May 2013
Copa Airlines looks to have just dropped their fares to Panama City, Panama (PTY) by about 50% on a variety of dates between September 2012 and May 2013. The flights are non-stop each way.
You can find them in a few different ways...
1. Google Flights (click on the calendar icon)
2. Kayak search (these are some examples, try your own dates)
It looks like clicking through to Orbitz or Expedia gives you the best chance of verifying the cheap price. Certain date combinations look to verify at a higher price however. Clicking through to Copa Air may or may not result in the cheap price.
screenshot of verified price:
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