Begin by preheating your oven to 375. °F.
In a large bowl, combine all ingredients except for the basil, tomato sauce, and canola oil. Mix until well incorporated. Avoid over-mixing as this may result in a tougher meatball.
Heat the oil in a large frying pan over medium-high heat. Add the meatballs and fry until browned on all sides. Work in batches if you need to avoid over-crowding the pan.
Transfer the browned meatballs to a baking sheet and place in the oven and bake until the internal temperature reaches 165°F about 10 minutes. (Start checking for doneness around the 8-minute mark).
Coat the bottom of your serving dish with all of the (warmed) tomato sauce. Add the cooked meatballs, then garnish with grated parmesan cheese (if desired) and fresh basil.
Serve right away.
