Your Mac should recognise your Canon instantly and iPhoto should lauch offering to be the default app to handle all your digital images.
At least that's what happened when I connected my Canon for the 1st time and I can't see why it should be any different for you.
If you are using Parallels and you connect your digi camera, and then open your My Pictures folder in Windows XP, have a look at the top of the left pane to see if it offers to import your digital images. Usually the top option will change to this when a digital camera is attached.
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