Heat the Base: Melt the butter in a saucepan over medium heat. Pour in the heavy cream, stirring lightly until warmed through.
Add Cream Cheese: Mix softened cream cheese into the pan until it melts completely in with the creamy mixture.
Stir in Shredded Cheese: Slowly add shredded cheddar cheese, while stirring until melted and creamy.
Season: Stir in garlic powder, paprika (if using), and season to taste with salt and pepper. Stir well to get all the flavours together.
Serve Warm: When dip is thick and creamy, remove from heat. Let it stand for 2 minutes, then transfer to a serving bowl. Garnish with optional toppings.