Much of the information on Wallace's family was provided by his daughter, Gwendolyn Donogh Hewlett. Wallace was married to Mabel Ida Ashworth, who was born in Brantford, Ontario, daughter of James Ashworth and Annie Hall. She died March 01, 1969 in Red Deer, Alberta.

Wallace studied theology, earning his B.A. and Masters Degree from Brandon College. He served overseas during W.W.1 and was wounded at Paschendale.

Upon returning home, he taught high school for a while, and then went full time into the ministry. His wife was a nurse, and for a few years they went to remote places in Manitoba serving with Indians and new Canadians (mainly from the Ukraine). They later served in regular churches with the United Church of Canada.