Here are the official statistics for SQL Server 2005
http://msdn.microsoft.com/en-us/library/ms143432.aspx
Keep in mind these are the maximums, and are not necessarily the best for usability.
Think about splitting the 126 columns into sections.
For instance, if it is some sort of "person" table
you could have
Person
ID, AddressNum, AddressSt, AptNo, Province, Country, PostalCode, Telephone, CellPhone, Fax
But you could separate that into
Person
ID, AddressID, PhoneID
Address
ID, AddressNum, AddressSt, AptNo, Province, Country, PostalCode
Phone
ID, Telephone, Cellphone, fax
In the second one, you could also save yourself from data replication by having all the people with the same address have the same addressId instead of copying the same text over and over.