Lyric discussion by pragmatic 

Cover art for 7/4 (Shoreline) lyrics by Broken Social Scene

This song is about our lives. How some people live in a double standard. You love one sort of life or lifestyle but you must sacrifice it for another life expected of you. It is a tough decision too make and you feel very pressured emotionally due to time constraints, as the song hints, and "it's time" to make that decision.

I wonder if this applies to the whole band in general. I mean, they were all struggling musicians/singers/performers/music producers. It is likely that many of them felt pressured to leave their respective roles to live a more conventional life- getting into a more profitable career, buying a house, settling down with a life partner, raising a family, etc.