Yes, Raw has a finite amount of information - but far more than a TIF. As I said, think of a Raw file as a stack of images but a TIF or JPG as a single image. This pile has images that vary in their settings such as colour balance and exposure. And rather than being able only to take one image from this pile, you can combine settings from anywhere in this pile, so you can can create a single photo with any combination of exposure or colour balance that an image in the pile has - this single image is your TIF. (Again, I''ll stress this is extremely oversimplified.)
So, once you create a TIF (or JPG) file from a Raw file, you've lost a lot of information - the TIF file contains just some of the data in the Raw file.
8 and 16 bit with regard to image files refer simply to the number of colours: 8-bit images allow 256 colours per pixel, whereas 16 bit allows 65,536 colours.
A good way of thinking about 8 bit vs 16 bit in this conversation is not as amounts of information but as colour accuracy: 16-bit images are a lot more accurate with regard to colour. That said, in many instances that accuracy isn't needed as the colour in 8-bit images is often very close to that captured by the camera anyway (e.g. because of the limited range of colours in the scene - a landscape may be mostly green) so the extra colours in a 16-bit image may not all be needed or so similar to the 8-bit ones as to be indiscernible.