To poach your egg,bring water to a simmer in a shallow pan with sides to it.
Crack your eggs (one at a time) into a small bowl or dish.
Using a spoon, swirl the simmering water in a circle. Once a "whirlpool" is created,carefully drop in the egg to the center of the pan. Cook for 2-3 minutes or until the white part of the egg is set and no longer transparent. Lift the egg out with a slotted spoon.
To make your hollandaise, first bring a saucepan of water (filled about halfway) to a light simmer.
Melt the butter in a separate saucepan over medium heat. Once melted, turn off the heat completely.
Whisk the egg yolk, lemon juice, salt and pepper, and a teaspoon of water in a small, metal bowl (make sure the small bowl will fit over the saucepan of boiling water (and that the bottom of the bowl won't touch the water.)
Set the metal bowl over the simmering water, and drizzle the melted butter into the bowl while whisking constantly. Remove from heat, but note that the consistency will change once the sauce is completely cooled off (you will have to reheat using this same method if it cools and firms up.)
To assemble, top the toasted English muffin with the Canadian bacon, then the poached egg. Drizzle the hollandaise sauce on top, and top with cayenne pepper if preferred. This dish is best to be made right before you eat, and unfortunately it does not save very well in the fridge.