I have a Canon EOS Rebel T5.
I have Elements 11.
It says the Camera raw is not compatible.
I have 7.4 update.
A T5 requires ACR 8.4 to work and so you’ll need to upgrade to PSE13 (if your OS is new enough) or use the free DNG Converter 8.4 or newer to convert the CR2 files to DNG files, and work with the DNG files in your older software.
PSE13 trial: http://www.adobe.com/downloads.html
DNG C: http://www.adobe.com/downloads/updates
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