Grease a 9x13 pan or a 10 inch spring form pan generously with oil. Line the pan with parchment paper, extending the parchment paper 2 inches higher than the sides of the pan and grease the parchment paper as well.
Over medium high heat, in a deep medium sized saucepan, combine sugar, corn syrup, vanilla and water. Attach a candy thermometer to the side of the pan, positioned so it is in the liquid and not touching the bottom of the pan.
Stir until well combined and then allow the mixture to come to a boil without stirring it. Allow to boil until the temperature on the candy thermometer reads 300 degrees (hard crack stage). This will take about 10 minutes.
When the mixture reaches 300 degrees, remove it from the heat and carefully whisk in the baking soda, stirring for no more than 5 seconds.
Immediately pour the hot toffee into the prepared pan. It will begin expanding immediately. Do not move it for one to two hours as it sets to avoid deflating the toffee.
Allow to cool completely and then break into pieces to serve. Store at room temperature in an airtight container. Enjoy!