Vueling is the name of a quite new airline, that is flying to the two main Canary Islands from Madrid, Barcelona, Malaga, Sevilla and Valencia. They fly to Tenerife and Gran Canaria. This company sells airline tickets for as cheap as 39 EUR.
Anyone who is resident in the Canary Islands with a so-called recidencia, has a 50% discount on travel to and from the Spanish mainland. Perhaps there will then be cheaper to go on a weekend trip to the spanish capital in Madrid, or for football and culture in Barcelona for all the residents who are living in the Canary Islands?
If you want to travel between the islands by plane, the recomended company is called Binter Canarias. They can bring you to all the seven islands, with prices from 25 EUR if you are resident.
There is also a ferryservice from the company of Fred Olsen. The prices here are quite cheap as well, you can get from Gran canaria to Tenerife for as low as 25 EUR one way.