Canon PowerShot S120 Manual (en)

Transferring a RAW Image to Photoshop
A RAW image can be converted to a TIFF image (16bit) and transferred 
to Adobe Photoshop.
Only one image can be transferred at a time. To send multiple images at 
a time, see 
Select the [Tools] menu  [Transfer to Photoshop].
Photoshop starts up and the transferred image is displayed.
A single image can be transferred at a time
Compatible versions of Photoshop are 7.0 or later.
Transferred images are automatically converted to TIFF images 
(16bit) to which an ICC profile 
 is added. The ICC profile 
contains information about [Preferences] 
 set for each image as described and the appropriate 
color information is relayed to Photoshop.
When you quit Photoshop, only the original RAW image remains, 
and the transferred image will disappear. Saving the transferred 
image as a separate image in Photoshop is recommended.