Video from the Rebel may or may not work in Premiere Elements -- but it's worth a try.
First, ensure you have the latest version of Quicktime from Apple.
Then open a new project and select the DSLR project settings for 1080 and at whatever frame rate your camera shoots. (Check your cam's spec sheet.)
Then just import the video into the project, assemble it on the timeline and use Share to output your movie.
Which Share option you use depends on what device you plan to show your video on. There are dozens of possible MOV outputs -- depending on whether you're planning to show the video online, play it on an iPod or iPad, use the video as a clip in a new project, etc.