Wallace can be found on the southern shores of Wallace Harbour, which leads to the Northhumberland Strait. Wallace is also a part of Cumberland County. Original settlers to the area were Loyalists of the American Revolution, as many of them received grants in 1784. Before 1810, Wallace was known as Ramshack, but in honour of Hon. Michael Wallace, it was changed. In the 19th century, shipbuilding was a major industry in Wallace, and fishing has always been a stable industry here as well.  Wallace is situated 74.9 km (46.5 mi.) north of Truro.

Wallace is the home of the Wallace and Area Museum, which acknowledges the history of Wallace. The Wallace and Area Museum is located on the property of a beautifully restored 1840 home, which was once lived in by shipbuilder James Davison, and displays artefacts, aboriginal works, antique appliances, dated newspapers, beautiful gardens and lush walking trails. Wallace also features a large windmill with a neighbouring restaurant. Wallace is home to the Wallace Bay National Wildlife Area, a refuge for ducks and numerous animals. The wildlife area also features hiking, biking, boating and various snow sports.

Wallace accommodations include motels.

Dutch Mill Motel & Gift Shop
13649 Hwy 6
Jubilee Cottage Inn
13769 Hwy 6
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