Toronto is the same time as Arequipa during standard time (EST, UTC-5). When Canada observes DST (EDT, UTC-4), Toronto is 1 hour ahead.
When it's 12:00 PM in Arequipa, it's 12:00 PM in Toronto (winter) or 1:00 PM (summer). Peru does not observe DST.
Business hours align perfectly. Call anytime during normal business hours in either city - the time difference is minimal.
Toronto has a growing Peruvian community and is Canada's financial capital. Air Canada operates direct flights between Lima and Toronto.