The last version of Camera Raw for Photoshop CS5 Extended was 6.7.1 and the least version required for Cannon 70D files is 8.2
So, CS5 version would not be able to support Cannon 70D files.
You can either upgrade to a newer version of Photoshop or download the free DNG Converter to convert your raw files into DNG and then, access them in Photoshop.
How do I upgrade to a newer version of Photoshop? I keep getting emails from Adobe trying to get me to subscribe to Creative Cloud. If I did not already have (paid for) copies of Photoshop and Lightroom it seems a needless expense..
Thanks for taking an interest.
Hi again, - for clarification I am an amateur photographer and have been happy with my 550D Canon and did not expect all the problems with Photoshop when I upgraded to a 70D. The Camera Raw Codec mentioned should have been v9.2 (not 0.2 - typo)
Photoshop CS5 is only compatible with Camera Raw to version 6.7. Photoshop CS5 is no longer updated by Adobe. The easiest way to have the latest version of Photoshop is to his scribe to the creative cloud photography package. This would entitle you to have the current versions of Photoshop and Lightroom. You would receive updates to both programs through the creative cloud.
If you don't want to upgrade your Photoshop then you can download and use the latest DNG converter to create digital negative (DNG) copies of your raw images. You would be able to use those files with the software that you already have. But you will receive no more updates for the software you are now using. Your new camera, the 70D, requires Camera Raw 8.2 which is only compatible with Photoshop CS6. Camera Raw 9.2 is only compatible with Photoshop CC 2015, which is only available through the creative cloud. You might want to consider purchasing Photoshop Elements 14 as a companion program to what you are using.
Thanks to everyone. I was not aware of the information you have provided. I really do not want to spendon Creative Cloud at the moment so I will get the DNG Converter and stick with what I have.