According to experts, the wind chill factor does play a big part in how cold it feels.
Although your thermostat won't take it into effect, wind chill is how cold the temperature actually feels on your skin.
"One thing that people often get confused is that wind chill is not the same as the regular temperature," said Dan Kulak, a meteorologist with Environment Canada. "Wind chill is essentially the combination of the air temperature combined with some sort of a wind that makes it feel like it's colder than the actual thermometer reads."
Wind moves away the warmer air from your body, resulting in more heat lost. Wind chill may also be referred to as the 'feels like' temperature.
Although 40 km/h winds are rare in winter, if you factored them into a -40 C air temperature, it would feel close to -60 C.
Extreme cold weather drastically increases your risk of frostbite and hypothermia.