If you check the specs it says that there's an interval timer built in. It doesn't provide any further details though. There might be more details out there but I haven't stumbled across them yet.
Here's our first try at timelapse. Missed the framing/exposure a bit.
GA Joe is correct. The manual does a good job explaining it.
One note. It's limited to 3600 frames. That's a bit of a problem sometimes. I understand there may be file limitations. Hey Canon! Maybe an option to automatically start a new file when the first is done? Sounds like a firmware update?
Not for nothing but there are plenty of good (and free) programs for stitching together a time lapse from individual frames. I like the control this gives you because you can start early and end late, then just toss the unneeded stuff. It's no more work than having to slice together multiple short videos. But it's nice to have the convenience in the field.