Preheat your oven to 350°F (180°). Grease and line an 8x8-inch baking pan with parchment paper.
In a large bowl, whisk together the melted butter, canola oil, and sugar until smooth.
Add the eggs one at a time, beating well after each addition.
Stir in the vanilla extract and red food coloring until well combined.
In a separate bowl, sift together the cake flour, all-purpose flour, cocoa powder, baking soda, baking powder, and salt.
Gradually add the dry ingredients to the wet ingredients, alternating with the buttermilk. Begin and end with the dry ingredients. Mix until just combined—be careful not to overmix.
Pour the batter into the prepared 8x8 pan. Bake for 30-35 minutes, or until a toothpick inserted into the center comes out with a few moist crumbs.
Allow the cake to cool completely before frosting.
To make the frosting, beat together the cream cheese and butter in the bowl of a stand mixer or with an electric hand mixer.
Gradually add the powdered sugar, mixing well after each addition. Slowly add in the heavy whipping cream, vanilla and a pinch of salt.
Once fully combined, turn the mixer up to the highest speed and whip until thickened and stiff peaks form.
Once the cake has cooled, spread the frosting evenly over the cake.
Enjoy! Store in the fridge, remove 30 minutes prior to serving.