I will be flying YYZ-PTY-MGA in J. I have a 23 hour layover on the return and will go into Panama City. If I have checked luggage MGA-PTY-YYZ with this long layover, do I have to collect my luggage or will it be checked all the way through?

If the flight from PTY-YYZ is at 18:30 on a weekday, when should I plan to leave Panama City for the airport?

TIA