High Quality Content by WIKIPEDIA articles! Wallace is a Canadian rural community in Cumberland County, Nova Scotia.Originally called Remsheg, meaning "the place between" in the Mi'kmaq language, the location was named Wallace by European settlers in honour of Scottish folk hero William Wallace, as well as the first colonial treasurer of Nova Scotia, Michael Wallace.The village is located at the mouth of the Wallace River where it meets Wallace Bay, a sub basin of the Northumberland Strait. Wallace Harbour is deep and straight and at one time was well used by large ships hauling lumber, and quarry stone. The Wallace River is a major river in northern Cumberland County and was once home to quarries and lumber mills and used to transport their products by sailing ships. Many of these ships were built in Wallace and surrounding areas.