BEAT first 4 ingredients in large bowl with mixer until well blended. Mix flour and soda; gradually add to cream cheese mixture, mixing well after each addition. Refrigerate 30 min.
HEAT oven to 350°F. Roll dough to 1/8-inch thickness on lightly floured surface. Cut into shapes with 3-inch cutters. Place, 2 inches apart, on baking sheets sprayed with cooking spray. Sprinkle with coloured sugar.
BAKE 10 to 12 min. or until edges are lightly browned. Cool on baking sheets 2 min. Remove to wire racks; cool completely.