Begin by cutting the beef into bite-sized cubes, and season them lightly with smoked paprika, salt, and pepper. Dust the beef pieces with flour, shaking off the excess.
Heat a large pot over high heat and add canola oil. Place the beef in the pot, browning it for about 10 minutes until golden brown.
While the beef is browning, finely chop the onions and garlic. Add them to the pot once the beef is browned, and sauté for 5 minutes.
Stir in the tomato paste and cook for an additional 10 minutes, ensuring the flavors meld.
Add the sliced carrots, bay leaf, and beef stock to the pot. Simmer for 30 minutes.
Peel and chop the potatoes, then add them to the pot. If needed, add more water to cover the ingredients.
Continue to simmer the stew for 20 to 30 more minutes, or until the potatoes and beef are tender to your liking.