Whenever you see this sign, it means you must yield to the traffic of the through road to continue as they have the right-of-way. In other words, the cars on the through road get to go first.
As you approach an intersection with a yield sign, you want to slow down and check your rear view mirror. You are allowed to enter the intersection without having to stop if there aren’t any hazards including pedestrians, cyclists or cars on the through road. I recommend slowing down to the optimum turning speed of 15 to 20 km/h to check for hazards. Make sure you do two shoulder checks over your right shoulder early so you can focus on your turn.
If you approach and there are pedestrians crossing or about to cross, then you should wait for them to cross safely before you proceed.
If you approach and there are no pedestrians, then please proceed through and check for cars. Make sure you stop after the crosswalk to wait for cars. Never wait on top of the crosswalk as you may be blocking new pedestrians from crossing.
If you approach and there is already a car waiting, then make sure you wait before the crosswalk because you are car number two waiting. (Bottom line: never wait and sit on top of the crosswalk.)
Some examples of where you would see the yield sign: