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Objective: To evaluate the risk of miscarriage following SARS‐CoV‐2 vaccination, while accounting for the competing risk of induced abortion. Design: Population‐based cohort study. Setting: Ontario, Canada. Participants: Women aged 15–50 years with a confirmed pregnancy at ≤19 completed weeks' gestation. Methods: Exposure to first SARS‐CoV‐2 vaccination, handled in a time‐varying manner, was defined as (i) unvaccinated, (ii) remotely vaccinated >28 days before the estimated conception date or (iii) recently vaccinated ≤28 days before conception and up to 120 days after conception. Main outcome measures: The outcome was miscarriage, occurring between the estimated date of conception and up to 19 completed weeks of pregnancy. Fine‐Grey hazard models, accounting for the competing risk of induced abortion, generated hazard ratios (aHR), adjusted for socio‐demographic factors, comorbidities, and biweekly periods. Results: Included were 246 259 pregnant women, of whom 34% received a first SARS‐CoV‐2 vaccination. Miscarriage occurred at a rate of 3.6 per 10 000 person‐days among remotely vaccinated women and 3.2 per 10 000 person‐days among those recently vaccinated, in contrast to a rate of 1.9 per 10 000 person‐days among unvaccinated women, with corresponding aHR of 0.98 (95% confidence interval [CI] 0.91–1.07) and 1.00 (95% CI 0.93–1.08). Conclusions: SARS‐CoV‐2 vaccination was not associated with miscarriage while accounting for the competing risk of induced abortion. This study reiterates the importance of including pregnant women in new vaccine clinical trials and registries, and the rapid dissemination of vaccine safety data. Linked article: This article is commented on by Victoria Male, pp. 423 in this issue. To view this mini commentary visit https://doi.org/10.1111/1471‐0528.17731. [ABSTRACT FROM AUTHOR]