Raymond, 31, joined the Stampeders in '08 and appeared in 15 regular-season games with the club last year. He recorded 51 tackles, four sacks, eight pass knockdowns and one special-teams tackle. He also returned two kickoffs for 79 yards.
"Keon is a reliable and versatile player who has been a key member of our defence for many seasons," GM/head coach John Hufnagel said in a statement. "He's an important part of the Stampeders both on and off the field and I'm pleased that he has chosen to sign an extension to remain in Calgary."
Raymond has suited up for 88 career regular-season games with Calgary. He has registered 250 tackles, 14 special-teams tackles, eight sacks, 15 interceptions, five fumble recoveries and one forced fumble.
Raymond has also scored five career touchdowns - three on interceptions and two on fumble returns.
"I've been so blessed for the time I have spent in Calgary so far and I'm happy to continue my career with the Stampeders," said Raymond. "I have the best teammates I could ever hope for and the support of Stampeders fans is always tremendous.
"Calgary is home for me and my family and I'm looking forward to the new season and another opportunity to get to the Grey Cup."