Prepare an 8-inch square baking pan by lining it with parchment paper and lightly buttering the paper.

In a large, heavy-bottomed saucepan, combine the sugar, butter, cream, and corn syrup over medium heat.

Stir the mixture constantly until the butter is melted and the sugar is dissolved.

Attach a candy thermometer to the side of the pan, making sure the tip is submerged but not touching the bottom.

Cook the mixture, stirring constantly, until it reaches 245°F (118°C). This should take about 30-40 minutes.

Remove the saucepan from the heat and stir in the vanilla extract.

Pour the hot caramel mixture into the prepared baking pan, spreading it evenly.

Let the caramel cool completely at room temperature, then transfer to the refrigerator for at least 2 hours to set.

Using a sharp knife, cut the caramel into small squares and wrap each piece in wax paper.