Preheat oven to 350F (175C) and line a 12-count muffin pans with paper liners.
In the bowl of a stand mixer (or in a large bowl using an electric mixer), whisk together flour, sugars, baking powder, baking soda, salt, cinnamon and nutmeg.
Stir in canola oil. Add eggs, one at a time, pausing to scrape down sides of the bowl after each addition. Beat until well-combined.
Stir in vanilla extract and milk.
Add carrots and nuts (if using). and stir until combined.
Evenly divide batter into cupcake liners, filling each ⅔-¾ of the way full. Transfer to oven and bake on 350F (175C) for 20 minutes or until a toothpick inserted in the center comes out clean or with moist crumbs.
Allow to cool completely before decorating with cream cheese frosting*.
