AbstractWe document two COVID‐19–related risks, viral risk and employment risk, and their distributions across the Canadian population. The measurement of viral risk is based on the VSE COVID‐19 Risk/Reward Assessment Tool, created to assist policy‐makers in determining the impacts of pandemic‐related economic shutdowns and re‐openings. Women are more concentrated in high‐viral‐transmission‐risk occupations, which is the source of their greater employment loss over the first part of the pandemic. They were also less likely to maintain contact with their former employers, reducing employment recovery rates. Low‐educated workers face the same viral risk rates as high‐educated workers but much higher employment losses. This is largely due to their lower likelihood of switching to working from home. For both women and the low‐educated, existing inequities in their occupational distributions and living situations have resulted in them bearing a disproportionate amount of the risk emerging from the pandemic. Assortative matching in couples has tended to exacerbate risk inequities.