In large pot, cook bacon over medium heat, stirring often, until almost crisp. Remove bacon pieces to paper towel-lined plate; drain all but 1 tbsp (15 mL) of the bacon fat from pot.
Add carrots, garlic, onion and potato to the pot; cook, stirring and scraping any brown bits, for about 3 minutes, until starting to soften.
Add broth, beans, 1 cup (250 mL) of water, paprika, bay leaf, salt, thyme, pepper and cayenne pepper; bring to boil.
Cover, reduce heat to low and simmer for 15 minutes or until vegetables are tender.
Stir in milk and reserved bacon; heat through. Discard bay leaf.
