Caramel Squares: BearMoney Kitchen

BearMoney Team

BearMoney Team

BearMoney is the balanced finance blog for new and old Canadians alike. We are a team of people living international that research, write, and share

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Caramel squares, also known as millionaire’s shortbread are one of those things that most people in Commonwealth countries will know well. They are however, so delicious that they should be a top 5 baked good all over the world. They’re shortbread cookie, caramel, and chocolate. Do we really need to say anything else? Buttery, sweet, and chocolaty, these squares will become one of your favorites if you’ve not had them before.

These desert bars are perfect after dinner or with a coffee. There is some effort in making them compared to most cookies but they are definitely worth it. In a pinch you can skip the caramel stage and melt down caramel cubes that you picked up in the store. In our opinion though, the extra effort is worth it.

Caramel Square

This recipe will take approximately two hours when factoring in the time needed to cool the caramel. Active cooking time is only about 20 minutes total. You luckily don’t need a food processor to cream the butter and sugar for the shortbread, it’s all hands. Bowls/Whisks, baking sheets etc. are required however. You could totally substitute out the flour in this to make a gluten free version. Be sure to test the overall sweetness and taste if you add in a substitute though.

Obviously those with allergies to eggs, gluten and dairy should try to find alternatives for the biscuit and chocolate components of this desert. It is likely to be very difficult though given the nature of caramel and shortbread.

So test some chocolate (for safety of course) and get baking our caramel squares!

Nutritional Information: It’s a cookie topped with caramel wearing a chocolate hat, it’s not good for you.

Caramel Square Ingredient List (Per 18 Servings)


  • 175g (4.5 oz) Salted Butter (room temperature
  • 50g (2 oz) White Sugar
  • 25g (1oz) Light Brown Sugar
  • 250g (~9 oz) All purpose flour


  • 2 X Tins Condensed Milk (Total about 794g, 28 oz)
  • 100g (4 oz) Light Brown Sugar
  • 100g (3.5 oz) Salted Butter

Chocolate Topping

  • 200g (7 oz) Semi-Sweet Chocolate

Caramel Square Instructions


Shortbread Dough
  • Combine the flour and sugar in a mixing bowl
  • Cut butter into small cubes
  • Add butter to mixing bowl and crumble together with your fingers until the mixture looks like fine breadcrumbs
  • Squeeze the mixture together and plop out onto a work surface
  • Knead the mixture a little or until it’s a solid ball
  • Place the dough into an approximately 13X10″ baking tin with a deep enough for 1″ clearance (~35X25 cm).
  • Press the dough into every corner, flatten and prick with a fork over the whole dough.
  • Bake in oven at 180c or 350f for 20 mins until just before golden brown.


  • Careful this is some seriously hot business
  • Combine the sugar, butter, and condensed milk in a pan and heat gently until the sugar dissolves
  • Turn up the heat and bring to a boil
  • Stir continuously until the mixture is thickened and turned a light brown (~10 mins)
  • Immediately pour over the shortbread and leave to cool
  • When almost at room temperature place into the refrigerator to cool


  • Place 200g of semi-sweet chocolate into a bowl
  • Place the bowl over a pan of hot water and stir until melted
  • Pour over the caramel and leave to cool
  • Cut into squares based on your desired serving (whole batch is ~7200 Kcal)

Alternatively: Microwave for 30 seconds to a minute with some coconut oil (~ 2 Tbsp)

So there you have it, caramel squares, the ultimate sugar rush. If you make these once you will make them for the rest of your life. They are almost so sweet that you’ll be keep honest and not eat five in one go. Let us know how it worked out for you and feel free to add suggestions in the comments!

Suggested Recipe Alterations;

  • Add shredded coconut to the chocolate
  • Add chopped nuts to the caramel
  • Make the base out of graham crackers like a cheesecake
  • Add cocoa powder to the shortbread

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