Lyric discussion by nbrii 

Cover art for Frozen lyrics by Tegan and Sara

Yeah, I agree with WhiteIron, they are certainly speaking of a pool in their garden, with very very cold water... but I also think they were arguing, splitting or something like that: "there's not much said that I don't know" (what you blamed me)

"you come right out and you ask me nobody ever asks me" (maybe she feels excluded)

But one of them is taking responsibilities: "it looks a lot worse than it seems but you know baby that's just me we can only hope that it might be me"

And waiting for the other one to settle: "looking for a laugh wanna stop back when you're done whining and taking things back"

And willing to be friends again: "but if I was you just call my name call my name and I'll be there if you call my name you know I'll be there"

Though I see the freezing pool as an analogy to a sort of (self) punishment of isolation, I don't see the meaning of " it's not far to go it's not far at all"