Sequences of canonical conservation laws and generalized symmetries for the lattice Boussinesq and the lattice modified Boussinesq systems are successively derived. The interpretation of these symmetries as differential-difference equations leads to corresponding hierarchies of such equations for which conservation laws and Lax pairs are constructed. Finally, using the continuous symmetry reduction approach, an integrable, multidimensionally consistent system of partial differential equations is derived in relation with the lattice modified Boussinesq system.