Prepare a half sheet pan or jelly roll pan by lining with parchment paper. This will make a thicker toffee.
In a heavy saucepan, melt together the butter and sugar over medium heat, stirring constantly to keep the sugar from burning on the bottom of the pan.
Once the butter has fully melted, continue cooking over medium heat, stirring frequently and closely monitoring the temperature of the mixture.
Meanwhile, prepare the almonds by grinding or chopping. Spread chopped almonds on a baking sheet and bake at 350°F for 3-5 minutes or until the almonds become fragrant and are beginning to brown lightly. Remove roasted almonds from the oven and the hot pan to prevent them from burning. Set aside.
When the temperature of the sugar/butter mixture reaches 270°F, monitor it very carefully as it will jump in temperature quickly at this point. Stir constantly and cook until the mixture reaches precisely 300°F and then remove it immediately from the stovetop.
Stir in the vanilla extract (mixture will bubble up) and the chopped, roasted almonds.
Spread into prepared pan.
Allow the toffee to cool just slightly (1-2 minutes) until it thickens enough to hold its shape when separated. Use a spatula or plastic knife to create lines in the toffee - separating it into 12 squares. Go over the same lines a couple times if needed to make sure it is mostly separated. The toffee wil snap apart along the lines if some of it is still connected.
Allow toffee to cool completely - placed in the freezer, it will cool in about 15 minutes. Once cold, break apart the toffee pieces.
Blot any excess butter or loose nuts from the cooled toffee. Prepare another sheet pan with parchment paper and set near your work space. Be sure the cinnamon sugar mixture is nearby also.
Place melting wafers in a shallow bowl and microwave in 30 second increments, stirring between each, until melted and smooth.
Dip each toffee piece into the white chocolate, coating it on each side and tapping excess chocolate back into the bowl.
Hold the dipped toffee over the bowl of cinnamon sugar and use a spoon to sprinkle the cinnamon sugar over the wet chocolate.
Place coated toffee piece onto parchment lined sheet pan. Continue dipping toffee squares and coating with cinnamon sugar.
Allow the chocolate to set up completely. You can speed up set time by placing the sheet pan in the refrigerator or freezer.
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Notes
Unsalted butter. If you use this kind of butter, add 1 teaspoon of salt to the saucepan with the butter and sugar.
Roasting almonds. By chopping them up, they roast faster than being whole. Also, be sure to take them off the hot baking sheet because they can burn even after being taken out of the oven.
Skip the dipping. If you don't mind the churro squares not being perfect, once you spread the toffee into the pan you can pour the melted chocolate on top. Then sprinkle with the cinnamon and sugar. Once it has set, just break it into pieces and serve.
How to store. Once the toffee has set, keep it in an airtight container or plastic bag.