Preheat your oven to 350°F (175°C) and line a 12-count muffin pan with paper liners.
In a mixing bowl, whisk together flour, granulated sugar, brown sugar, baking soda, baking powder, salt, cinnamon, and nutmeg.
Stir in canola oil until well combined.
Add eggs one at a time, scraping down the sides of the bowl after each addition. Beat until well-combined.
Stir in vanilla extract and milk.
Add grated carrots and nuts (if using), and stir until combined.
Evenly divide the batter into the cupcake liners, filling each about ⅔-¾ of the way full.
Bake in the preheated oven for 20 minutes or until a toothpick inserted into the center comes out clean or with moist crumbs.
Allow the cupcakes to cool completely before decorating with cream cheese frosting.