You could go to a system that is entirely public financing, but I believe that parties should be encouraged to reach out to voters and hear their concerns in order to prosper financially. That's why I believe the public financing in Quebec is too high. It provides the parties with much more than just a base of funding.
The conversation about public financing should start with how much parties actually need to operate across a jurisdiction. The overall answer is that they don't need any more than what their opponents have. Instead, what's happened in Ontario and now in B.C. and in Quebec is they just assumed they needed the same amount of money that they had at the time that they changed the law and put in public financing to make sure that any drop in donations as a result of limiting donations would be replaced by public financing. That's not where the conversation should start. There could be a report by the Auditor General or Elections Canada on how much parties actually need to reach people. Then you determine if you even need public financing.
If you're going to have a donation limit, it should be an amount an average voter can afford. Yes, small gifts can have influence, but if thousands of people from various viewpoints and perspectives are each giving $100, their influence cancels each other out. The current system has 4% of Liberal donors giving 23% of the money. They're going to have more influence than those who give $100 because they're giving a huge portion and are much more valuable to the party as donors. That's what you need to eliminate, and you can do that with a $100 donation limit.