Gather all ingredients.

Combine butter, brown sugar, condensed milk, corn syrup, and salt in a heavy-bottomed saucepan over medium heat. Bring to a boil, stirring constantly. Heat to between 234 and 240 degrees F (112 to 116 degrees C), or until a small amount of the mixture dropped into cold water forms a soft ball that flattens when removed from the water and placed on a flat surface. Cook for 2 minutes at that temperature.

Remove from the heat and stir in vanilla.

Meanwhile, butter a 9x13-inch baking pan.

When the caramel is ready, pour it into the buttered pan. Allow it to cool completely at room temperature.

Remove from the pan and cut into squares using scissors. Wrap individual pieces in waxed paper or cellophane.