I just started working with the mark 3 and I am a little confused regarding the 14 bit files, are they something like the 8 bit or 16 bit files we work with in photoshop or are we talking about an entirely different kind of bit depth?? I shoot raw and in the use capture 1 pro to process files, do I create these 14 bit files in processing???
Camera's bit depth does not directly relate to the bit depth of the file's bit depth when working in Photoshop. The camera's stated bit depth is the analog/digital converter's bit depth inside camera and in this case 14 bits (earlier pro-Canons were 12 bit).
In a rawconversion program the raw files will be mapped to 16 bits (or 8 bits but since you have an excellent camera you will probably want the maximum quality and maximum flexibility for postproduction and thus 16 bits is advisable). This is something that you need not worry about.