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What exactly does a flashing yellow beacon mean in Canada?

According to the Ontario driver handbook

A flashing yellow beacon above an intersection, above a warning sign or on an obstruction in the road, warns you to drive with caution.

Let's look at this intersection:

Intersection

I want to turn left. The dark car has a Stop sign. (But that's his sign, not mine.). Does the yellow beacon gives me the right of way or not?

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The answer is in your quote. The flashing yellow light is to tell you to use caution at the intersection, it makes no implications about right of way, use common sense.

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    Not just "use common sense", but "the rules are the same as if the beacon wasn't there". Nov 24 '16 at 14:02
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    Right. Your right of way comes from the absence of a stop sign. The yellow is just to warn you that this is an intersection where it's wise to pay a little extra attention. Nov 24 '16 at 14:07
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    It's to warn you that you might die if the idiot with the stop sign does something idiotic, so watch out and be prepared to stop suddenly. Nov 24 '16 at 15:12

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