Bennett was a West Division all-star last year after recording three interceptions and 44 tackles. He also forced a fumble, recovered a fumble and had three pass knockdowns.
Bennett had an interception in the Stamps' victory over Edmonton in the West Division final. He had two tackles in the Grey Cup as Calgary defeated Hamilton to win the CFL title.
"Winning a Grey Cup in 2014, the first championship of my career, was an amazing experience," Bennett said in a release. "I'm thankful to be a part of a great organization. It's the true meaning of family."
Bennett, 31, signed with the Stampeders in 2012 after a NFL career that included stops with the Houston Texans, San Diego Chargers, Cincinnati Bengals and Arizona Cardinals.
"Fred has established himself as an important part of our defence and as one of the best cornerbacks in the league," said Stampeders coach and general manager John Hufnagel. "I'm pleased that he chosen to make this commitment to the organization and look forward to more good things from him in the seasons ahead."
Bennett has never missed a game during his three-year CFL career. In 54 regular-season games, he has 129 tackles, five special-teams tackles, nine interceptions, one fumble recovery and five forced fumbles.