Wallace was born on January 15, 1914 at Langley Prairie in British Columbia.
He had a Senior Matriculation from Lindsay Collegiate and qualifications a C.G.A. He enlisted in the RCAF in March 1943 in Toronto. He did his training at #1 Manning Depot, Toronto; #1 ITS Toronto and #1 AOS Malton.
He received his Navigator Wing on February 24, 1944 at Malton.
He was posted to the UK in April 1944. He trained at #1 AFU Wigtown, Scotland; #24 OTU, Honeybourne, Dalton Battle Course; #1666 HCU, Wombleton. He was posted to #419 (Moose) Squadron at Middleton St. George. His crew consisted of:Pilot - Art Thomas; F/E Gerry Ditmer; B/A - Roy Cooper; WAG - Ken Gunby;
A/G Dick Hayman; A/G - Wallace; Navigator - MacAlpine.
Wallace left the RCAF at Toronto on September 10, 1945
Wallace was a credit manager for 40 years and became a Chartered Accoutant.
Wallace and Roberta were married on May 5, 1962 and have one son - also a Chartered Accountant in London, Ontario.