I think Labyrinth is a good movie, but just good shouldn't make the canon. No one associated with the film are at the top their game and the effects while well-crafted are not the best uses of Henson's workshop. The fantasy elements are nice, but for a story about putting away childish things, it seems pretty childish. Not in a "it's a kid's movie" kind of way, but in a "the journey to maturation is too zany and has no real stakes" kind of way. So, no, I cannot vote for Labyrinth to go into the canon.