Lossless and RAW are different animals. RAW is the numerical data from the sensor, which is not an image file, and cannot be displayed until certain values are chosen from multiple possibilities and encoded in an envelope that is recognized by image display programs. The easiest way to envision this is to regard the RAW as a negative, and the image file as a print. The tiff "print" is better than the jpg "print", but it still doesn't contain nearly the information of the negative, which can be used to make a very different looking print.
Lossless refers to the fact that no pixel information is discarded. Jpgs use tricks to record pixel information based on surrounding pixel information, so that values are approximated in various areas of the image. Tiffs record the information for each pixel with no reference to the surrounding pixels, so the files are much larger.
In addition you can have either 8 or 16 bit tiffs. 8 bit files, whether they are tiffs or jpgs or pngs or whatever, record luminance and chrominance values of each pixel in only 256 possible values, whereas 16 bit files (of any image type) record them in 65535 possible values. The larger steps in 8 bit start to become significant when you post process.
So first, I strongly suggest saving and editing in 16 bit, which is nearly as flexible as RAW but not quite. FYI, when you open a RAW in Photoshop, it is automatically converted into an 8 bit file or a 16 bit file, depending on what you have set in the ACR preferences. LR is like editing in ACR--it is only making adjustments on the fly to the values it has temporarily encoded into a viewable file, while the original RAW values remain untouched. Once you save the file as a TIFF or JPG, those values are set in stone, so to speak, but the potential values available if you reopen that image file for further adjustments is many orders of magnitude greater if the file is 16 bit rather than 8 bit.
When you work in ACR, like LR, the RAW data is preserved intact, but a sidecar file is created that tells the software what values you have chosen for various parameters like contrast, saturation, black, white, etc. Those values do not change the original data. In image files, whether tiff or jpg, values are encoded in the image, because they are universal formats that can't be depending on reading and interpreting RAW values for every different kind of camera and model out there. So there is definitely some loss of data in ANY image file format, whether tiff or jpg or psd or png or bmp.
http://www.diyphotography.net/8-bit-vs-16-bit-color-depth-use-matters/