Is colour always associated with paramagnetism?
Color is related to how the compound absorbs light. For example, highly unsaturated compounds (e.g. beta-carotene) will absorb green to blue light, and thus reflect red and yellow. This is why it appears orange. Somewhat unsaturated compounds (e.g. containing an aromatic ring), on the other hand, mostly absorb UV light and reflect all visible light; they thus appear white.
Paramagnetism isn't really related.