Well first of all if it really cold the hood on my parka followed by the hood on my fleece hoody (poly fleece not cotton) are my all time favourites.

Then it is a watch cap/balaclava. It can be worn both ways. I have a few of these things.
I have one balaclava that is thin and almost like thick silk. It fits in a pocket really well, and it works as a watch cap, a balaclava or as a helmet liner.
I prefer the balaclavas with the large opening for the face instead of the ones with separate openings for the mouth and eyes. The open face ones do not frost up as bad in the cold.

I do like the watch caps. I will say wool are nice but I have used synthetics for years and they work better for me.

I was never a great fan of the long toques because the extra material is too much extra bulk for what it does. I would rather take a decent cashmere scarf instead of the extra tail on the toque even though the red toques and sashes are traditional for the Bonhomme Carnaval.

If it is not really cold then it is a wide brim Stetson or a Tilley.