Completing an honours thesis allows you to graduate with an honours degree in psychology and is an excellent gateway to graduate school. If you are coming from CEGEP, you should be able to complete an honours degree in 3 years just like a regular degree (though you are always welcome to adopt a more leisurely pace and extend your time at Bishop's). If you are coming from grade 12, you should likewise have no trouble completing an honours degree in 4 years just like a regular degree.