In a chilled mixing bowl, combine the heavy whipping cream, and the powdered sugar. Beat on high (with a whisk attachment, if available) until peaks form and the mixture is thick and whipped. Set aside. (If you prefer, skip this step and use a ready-made whipped topping).
Grab a separate bowl, combine the softened cream cheese, canned pumpkin, vanilla, cinnamon, and nutmeg. Mix on medium speed until combined.
Fold the whipped topping into the pumpkin mixture and serve as a spread, or as a cake or cupcake filling.
Notes: I have had a few requests from readers about the amount of Cool Whip (whipped cream) they can substitute instead of heavy whipping cream. If you decided to go this route, you can substitute equal amounts of Cool Whip for the heavy whipping cream. I tried skipping the sugar when substituting, but decided it's best to leave the sugar as it is listed in the recipe.Please make sure the cream cheese is softened or you may end with beads of cream cheese.