1. In a small saucepan, whisk together the egg yolks, water and lemon juice. Heat over medium-low heat, whisking constantly, until mixture registers 145 degrees F on an instant-read thermometer. The mixture will just begin to bubble around the edges, about 12 to 15 minutes total.
2. Increase heat to medium and whisk in butter, one piece at a time, until melted and thickened, about 3 to 5 minutes. Whisk in salt and pepper. Remove from heat; cover and keep warm.Egg poaching:
3. Heat broiler. Bring water to a simmer in a medium-size saucepan. Break one of the eggs into a custard cup or small bowl. Slip into water; repeat with 3 more eggs. Cook 3 to 5 minutes, until whites are firm. Remove with a slotted spoon to a paper-towel-lined plate. Repeat with a second batch of 4 eggs.Assembly:
4. Meanwhile, spread split English muffins onto a sheet pan and toast in broiler for about 3 minutes.
5. Microwave Canadian bacon (on safe plate) on high power for 30 seconds.To assemble:
6. Place 2 toasted muffin halves on each plate. Drizzle with a little Hollandaise sauce. Top each with a slice of bacon and a poached egg. Spoon about 2 tablespoons hollandaise sauce over each egg and sprinkle with paprika, if desired.