Welcome to the forum.
The Capture function is only available from miniDV tape cameras.
In the case of your Canon, the video files are stored on the card in the camera.
Depending on the version of PrE that you have, you will use Get Media, or Add Media, to Import (similar to, but different than Capture) those files into your Project.
What version of Premiere Elements are you using and on what operating system is it running?
Premiere Elements 11 on Windows 8
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As Hunt said, that camera saves to memory
If you are looking for "live" video recording (put the camera on a tripod and connect a cable to your computer for "pass through") you will need to use a different camera (I think)... and different software
Premiere Pro CS5 included OnLocation software that was designed for just that function... but I don't think OnLocation is included with CS6
Thank you for the information on your Windows 8 assumed 64 bit computer on which you are running Premiere Elements 11.
As has been mentioned by Hunt, your camera output is not usable in the Premiere Elements (any version) Capture Window intended for the capture firewire of DV or HDV data into the Program (in those cases where you would use Add Media/DV camcorder or HDV camcorder).
From what I have read, your Canon 5DMK2 does have a USB 2.0 port. With your CompactFlash memory card in the camera, have you explored a USB 2.0 connection between the camera and the computer coupled with Premiere Elements 11 Add Media/Videos from FLIP or Camera/Video Importer? If that does not work, then USB 2.0 connection between camera and computer to a hard drive save location from where you could import your source media into Premiere Elements 11 via its Add Media/Files and Folders.
I saw an interesting feature of your camera related to transferring your camera data via Wireless File Transmitter over wireless local area network (LAN). That would probably get you to a computer hard drive save location from where you could import your source media into Premiere Elements 11 via its Add Media/Files and Folders.
It looks like you will be probably working with 1080p25 or 30, with the frame rate depending on whether your setup is PAL or NTSC. If so, make sure that you or Premiere Elements 11 sets up the project preset that matches your source media properties. You can check the project setting via Edit Menu/Project Settings/General.
We will be watching for your progress.
Thanks, I have a lot to consider but a short window to do it. I may have to bit the bullet on a couple of 32 and 64gb cards that write at 90mbs (ouch)
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If you are in a time crunch, the above should be quick and give you an idea go or no go.
Success with your projects.