I think it depends on what is meant by "cold". I do like mild winter weather, which to me, is anything warmer then ~-12C with almost no wind. The wind part is pretty important, as it makes it bitter outside, even if the base temperature isn't bad (the joys of living on the prairie). Usually during this "mild" winter weather, I'll wear my AlpineTech (no layering needed though) and a tuque. If I go skating though, I'll likely bring light scarf and little gloves.
Now, if by cold you mean -30C or something, then we're talking about a completely different story. That's when I'll layer under my coat, pull out my boots (rated to -40C), use a thicker scarf, and maybe even wear real gloves/mittens. If I have to be outside for a long time, I add layers to my bottoms (warm tights-pants-fuzzy sweats) and socks.
One time, I wore three bottoms, 4 tops, 2 socks, a thick scarf, wool mittens, a tuque, proper boots, and my winter coat and I was STILL cold. You really just can't win when the north wind decides it wants to be nasty and lash your skin, or when it's so cold, the air alone is enough to hurt your face.
Winter on the Canadian plains can be freaking brutal...