In a medium saucepan, combine sugar, water, and toffee bits over medium heat. Stir occasionally to dissolve the sugar and help the toffee bits melt.

Bring the mixture to a gentle simmer and continue stirring until the sugar has completely dissolved and most of the toffee has incorporated into the liquid.

Remove the pan from heat and allow the syrup to cool to room temperature.

Strain the syrup using a fine mesh strainer to remove any remaining toffee bits.

Transfer the toffee syrup to a clean, airtight container and store in the refrigerator for up to one month.