In the bowl of a stand mixer, whisk eggs with sugar on medium speed until smooth. Add in canola oil and vanilla extract. Whisk until combined.
In a separate bowl, sift flour, baking powder, and baking soda together. Stir to combine. Add 1/3 of the dry ingredients to the stand mixer bowl with wet ingredients. Mix on medium speed only until just combined.
Add in 1/3 of the buttermilk. Whisk on medium speed, continuing to add the remaining flour and buttermilk in thirds until you run out.
Pour cupcake batter into molds. Bake cupcakes at 350°F for about 13 minutes, or until a toothpick comes out clean.
Clean out any remaining batter from the stand mixer bowl. Add in softened cream cheese, softened butter, and vanilla extract. Mix on medium speed until smooth.
Slowly mix in powdered sugar on medium speed until smooth.
Transfer cream cheese frosting into a piping bag and decorate your cupcakes. Enjoy!