What does a yield sign mean in Ontario?
Slow down, stopping if needed, and give the right-of-way before proceeding
This downward-pointing triangle is a yield sign. Slow down (and stop if necessary) and give the right-of-way to traffic and pedestrians already there; proceed only when the way is clear.
Why the other answers are wrong
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Come to a full stop every time, the same as at a stop sign
Yield asks for a stop only when one is needed. The shape tells you which: a red eight-sided sign means stop every time, a red bordered triangle means give way and go when clear.
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Speed up to merge ahead of the other traffic
That is the opposite of yielding. Drivers already in the intersection, or nearly there, have the right-of-way, so ease off and slot in behind them instead of racing in front.
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Carry on without slowing, you have the right-of-way
A yield sign faces your road exactly because the other traffic goes first. If it were your turn, there would be no sign facing you, so slowing down is always part of it.
Quick way to remember
A downward red-and-white triangle is about giving way, not always stopping.
Based on the official Ontario MTO Driver's Handbook.
Reading it once is not enough
Drill this question in a scored round and find out what else you are shaky on.
Practise Road Signs: The Basics