Layout Text in Columns
Python 2, 346 338 bytes
i,C,W=input()
r=[]
for l in [x or' 'for x in i.split('\n')]:
 while l:
  if' '==l[0]:l=l[1:]
  w=l[:W];x=W;s=w.rfind(' ')+1
  if max(W-3,0)&lt;s:w=w[:s];x-=W-s
  elif x&lt;len(l)and' 'not in l[x:x+1]:w=w[:-1]+'-';x-=1
  r+=[w];l=l[x:]
r=[s.ljust(W)for s in r+['']*(C-1)]
print'\n'.join('    '.join(s)for s in zip(*zip(*[iter(r)]*((len(r))/C))))

Input as 'string',C,W