In a large, heavy saucepan, cook bacon over medium-high heat for about 10 minutes or until crisp. Chop coarsely and set aside.
Drain off all but 1 tbsp. fat from saucepan. Add onions and dried thyme. Cook, stirring occasionally for 5 minutes or until softened.
Add potatoes, carrots, water and salt. Bring to boil, cover, reduce heat and simmer for about 20 minutes or until tender
Cut cod into 1-inch chunks. Add to vegetables and simmer for about 5 minutes or until fish flakes easily
Add milk and white pepper, heat through. Garnish with bacon and parsley.