Preheat the oven to 350°F.

Line two 12-cavity muffin pans with paper liners. Set aside.

Place the butter, canola oil, granulated sugar, vanilla, and almond extract in a large mixing bowl. Using a hand mixer or stand mixer fitted with a whisk attachment, cream ingredients together on medium speed until smooth, about 1 minute. Add the eggs and continue to beat until mixture is light and fluffy, about 1 minute longer.

Sift the flour, baking powder, baking soda, and salt into the bowl. Pour in half of the milk. Beat mixture on low until the ingredients begin to come together. Slowly pour in the remaining milk and continue mixing, scraping down sides of bowl with a rubber spatula as needed, until a smooth batter forms.

Divide the batter evenly between the prepared muffin pan cups, filling each liner no more than 2/3 full.

Bake the cupcakes on middle rack of oven until a toothpick inserted in the centers comes out clean, 18-21 minutes.

Check to see that cupcakes are done. Remove from oven or add time as needed.

Allow the cupcakes to cool to room temperature before frosting.

While the cupcakes cool, make the frosting. Place the butter and cream cheese in a large mixing bowl. Beat with a hand mixer or stand mixer on medium speed until smooth and creamy.

Add the powdered sugar to butter mixture in two additions, beating on low speed after each until sugar is fully incorporated. Add the vanilla, heavy cream, and salt to the bowl. Continue beating on medium-high speed until frosting is light and fluffy, 2-3 minutes. If the frosting appears too thick, beat in additional heavy cream as needed.

Pipe or spread the frosting onto cooled cupcakes. Refrigerate until ready to serve.