In older Photoshop versions we unable to use Contract from 'Select All'. There was a workaround though... Use Select > Modify > Border and use a value twice the amount you want to contract, and then invert the resulting selection.
In CC 2013 that behaviour still exists. All options other than Border are greyed out when Select all is active.
However in CC 2014 I am able to use all Modify options, but they have no effect unless you check 'Apply effect at canvas bounds'
