EF Code First / CollectionBase collections

I have an existing project that is using data sets as a storing mechanism.
I want to migrate to Entity Framework 4.1 Code First.
My classes contain strongly typed collection classes, like this:

Public Class Calculations

  Inherits CollectionBase
  Public Event CalculationAdded(ByVal Calculation As Calculation)

#Region "Strongly Typed Collection Methods"
  Default Public Overloads Property Item(ByVal index As Integer) As Calculation
    Get
      Return CType(Me.List.Item(index), Calculation)
    End Get
    Set(ByVal value As Calculation)
      Me.List.Item(index) = value
    End Set
  End Property

  Public Function Add(ByVal value As Calculation) As Integer
    RaiseEvent CalculationAdded(value)
    Return Me.List.Add(value)
  End Function
  Public Overloads Function Contains(ByVal obj As Calculation) As Boolean
    Return Me.List.Contains(obj)
  End Function
  Public Overloads Function IndexOf(ByVal obj As Calculation) As Integer
    Return Me.List.IndexOf(obj)
  End Function
  Public Overloads Sub Remove(ByVal obj As Calculation)
    Me.RemoveAt(IndexOf(obj))
  End Sub
  Public Overloads Sub Sort()
    Me.InnerList.Sort()
  End Sub
#End Region

End Class

In the code examples of code first, everyone uses List(Of T) to store a collection of some type. But that way, I can't implement events, I think.

I Googled a lot, but it doesn't get me anywhere. Any advise would be helpful.

Can I use List(Of T) and still be able to fire events when an item is added to the collection?

Tags: Entity Framework